News | Business
21 Jan 2018 7:55
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • Days of Xmas
  • 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 dips against rising Greenback

    The New Zealand dollar has dipped against a rising Greenback after Federal Reserve decision makers revealed they see future rate rises being tied to inflation.


    The New Zealand dollar dipped after minutes of the last Federal Reserve meeting showed policymakers see future rate rises being tied to inflation and fiscal stimulus including tax cuts.

    The kiwi traded at US70.87 cents as at 8:30am in Wellington from US71.10c before the Fed minutes were released leaving it little changed from late Wednesday. The trade-weighted index was at 73.77 from 73.72.

    The minutes said most participants "reiterated their support for continuing a gradual approach to raising the target range", while tax cuts were expected "to provide some boost to consumer spending" and "provide a modest boost to capital spending".

    "The US dollar has been unloved of late and rebounded post the minutes," senior OMF dealer Mark Johnson said.

    The kiwi may encounter resistance if it rises back to US71.06c and may find support if it falls to US70.29c, based on chart analysis, he said.

    In the subdued trading post the Christmas-New Year break, and little local news in New Zealand, the next big event to watch will be US payrolls data on Friday, which is expected to show the world's biggest economy added 188,000 jobs in December, down from 228,000 the previous month.

    Mr Johnson said while Wednesday's dairy auction was "reasonably strong", with whole milk powder (WMP) rising 4.2 per cent, milk powder futures failed to keep rallying after the auction.

    Still, analysts at AgriHQ lifted the AgriHQ milk price forecast for the current season by 1 cent to $6.10 per kilogram of milk solids following the latest Global Dairy Trade auction.

    On Thursday, the kiwi rose to 52.47 British pence from 52.09p and traded at 90.52 Australian cents from A90.63c.

    It gained to 59.02 euro cents from 58.78c, rose to 79.77 yen from 79.57 yen and traded at 4.6079 yuan from 4.6071 yuan.


    NZN




    © 2018 NZN, NZCity


     Other Business News
     20 Jan: Business booming for Indonesia's 'sharia motorbike taxis'
     20 Jan: Dotcom suing NZ govt for 'billions'
     20 Jan: Inflation data not expected to surprise
     20 Jan: Partners sought for Northcote Development
     20 Jan: Genetics and breeding experts coming to NZ
     19 Jan: Cricketer sentenced to community work
     19 Jan: Trustpower affirms solid earnings guidance
     Top Stories

    RUGBY RUGBY
    Liam Messam signs for Toulon More...


    BUSINESS BUSINESS
    Business booming for Indonesia's 'sharia motorbike taxis' More...



     Today's News

    Entertainment:
    Christchurch street art gains popularity 7:46

    Accident and Emergency:
    Motorbike rider dies in Lake Taupo crash 7:36

    Soccer:
    Mariners hold flat Sydney FC to draw 7:26

    Basketball:
    Cairns stay alive in the NBL finals race 7:16

    Environment:
    Track upgrades finished in kauri forests 7:06

    Technology:
    Rocket Lab to attempt launch again 6:26

    Motoring:
    China's pink, oversized women-only car parks slammed as sexist 4:36

    Soccer:
    Phoenix stun Jets 3-2 in A-League 23:26

    Basketball:
    Melb United dodges Brisbane's Bullets 23:06

    Cricket:
    NZ U19s trump South Africa at World Cup 21:36


     News Search






    Power Search


    © 2018 New Zealand City Ltd