Sharechat Logo

NZ dollar rises as weaker US data weighs on greenback

Tuesday 28th October 2014

Text too small?

The New Zealand dollar advanced after weaker-than-expected US data weighed on the US dollar.

The kiwi rose to 78.97 US cents at 8am in Wellington, from 78.75 cents at 5pm yesterday. New Zealand banks were closed yesterday for the Labour Day holiday.

In the US, Markit said its preliminary services sector purchasing managers’ index fell in October to its lowest reading since April. Other reports in the US also disappointed, with the National Association of Realtors saying its pending home sales index rose just 0.3 percent in September while the Federal Reserve Bank of Dallas said its production index fell this month. In Europe, the Ifo measure of German business confidence fell for a sixth straight month to the weakest reading since December 2012.

"With local markets closed yesterday for the Labour Day holiday, the New Zealand dollar took its cues from global themes," Bank of New Zealand currency strategist Raiko Shareef said in a note. "It was an able participant in the broader US dollar sell-off."

The New Zealand dollar advanced to 89.64 Australian cents from 89.33 cents yesterday ahead of a report on Australian consumer confidence today.

The local currency rose to 62.14 euro cents from 61.98 cents, gained to 48.96 British pence from 48.89 pence and was little changed at 85.01 yen from 85.03 yen. The trade-weighted index was recently at 76.70.

 

 

 

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes

IRG See IRG research reports