News | Business
21 Feb 2018 0:51
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Sport
  • Weather
  • Finance
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    Kiwi follows Aussie lower on trade data

    The NZ dollar followed its Australian counterpart lower after trade figures across the Tasman weighed on the outlook for the currencies.


    Fonterra
    Fonterra

    The New Zealand dollar followed its Australian counterpart lower on Thursday after trade figures across the Tasman weighed on the outlook for the antipodean commodity currencies.

    The kiwi declined to US68.60c as at 5pm in Wellington from 68.76cents at 8am and 68.96c Wednesday.

    The Australian dollar fell 0.2 per cent in local trading after Australian Bureau of Statistics showed a smaller trade surplus than expected, a seasonally adjusted trade surplus of A$105 million in October, well short of the A$1.4 billion surplus economists expected.

    Meantime the greenback remained well bid as the Bank of Canada's interest rate review and ongoing issues for the UK in extracting itself from the European Union sapped appetite for alternative currencies.

    "The disappointing Aussie trade data pushed the Aussie-US lower and the kiwi slipped in sympathy," said Westpac senior strategist Imre Speizer.

    Mr Speizer said news that Fonterra cut its forecast farmgate payout on weak global dairy prices won't have helped the kiwi, although it was a widely expected move and in line with forecasts.

    Fonterra lowered its forecast payment to farmers by 35 cents to $6.40 per kilogram of milk solids.

    Looking ahead, he said the main focus will now be on Friday's nonfarm payrolls data in the US, with economists expecting growth of 195,000.

    Any progress on tax reform legislation in the United States and a potential US government shutdown if Congress fails to agree on a spending package before the deadline midnight Friday, is also being closely watched.

    The local currency eased to A90.85c from 90.93c and to 51.25 British pence from 51.32 pence Wednesday and fell to 58.09 euro cents from 58.22c. It declined to 77.09 yen from 77.37 yen yesterday and to 4.5367 Chinese yuan from 4.5617 yuan.


    NZN




    © 2018 NZN, NZCity


     Other Business News
     20 Feb: KiwiRail earnings up despite Kaikoura woes
     20 Feb: Fonterra likely to hike milk payment: OMF
     20 Feb: Weak greenback hitting beef exports to US
     20 Feb: Vista increases stake in China
     20 Feb: Reverse mortgages boost Heartland Bank
     20 Feb: Kiwi down in subdued trading
     20 Feb: FMA turning torch on rogue directors
     Top Stories

    RUGBY RUGBY
    McKenzie ready for playmaking pressure More...


    BUSINESS BUSINESS
    KiwiRail earnings up despite Kaikoura woes More...



     Today's News

    Soccer:
    Henrique trains with Roar for AL contract 23:05

    General:
    Three Kiwis into freeski halfpipe final 21:55

    Entertainment:
    Andrew Lloyd Webber contemplated committing suicide at the height of his depression 21:35

    Environment:
    South Island, Taranaki brace for Gita 21:15

    Rugby League:
    Slater out of NRL grand-final rematch 21:15

    General:
    Winter Olympics: Tessa Virtue and Scott Moir win gold for Canada in ice dance with their final skate 21:05

    Entertainment:
    Liam Gallagher would love to star on a children's TV show 21:05

    Entertainment:
    Celine Dion says her late husband is the only man she's ever loved 20:35

    Entertainment:
    Emma Watson has donated £1 million to a new organisation which helps those facing sexual harassment 20:05

    Entertainment:
    Kylie Minogue had a "nervous breakdown" after her split from fiancé Joshua Sasse 19:35


     News Search






    Power Search


    © 2018 New Zealand City Ltd