NZ dollar dips after German survey
THE New Zealand dollar declined against the euro after a German business confidence survey was stronger than expected, prompting some traders to speculate further stimulus in the regional economy isn't a done deal.
THE kiwi dollar fell to 63.17 euro cents from 63.65 cents in late Wellington trading on Monday and it declined to 78.58 US cents from 78.90 cents.
The trade-weighted index advanced to 78.60 from 78.33 last week. The euro tumbled last week after European Central Bank president Mario Draghi said the bank would do whatever was needed to support the Euro-zone economy. ECB executive board member Benoit Coeure said overnight the bank won't make any hasty decisions. BNZ senior strategist Kymberly Martin said the kiwi-euro was in decline and that was exacerbated by the better-than-expected German IFO release. The Reserve Bank releases its survey of expectations for the fourth quarter on Tuesday, which will give a sense of how firms see inflation pressures developing in the economy. Ms Martin said the survey is likely to confirm inflation expectations are not a pressing concern for the bank. The kiwi was little changed at 92.95 yen from 93 yen, it gained to 91.21 Australian cents from 90.83 cents and fell to 50.04 British pence from 50.38 pence. The trade-weighted index fell to 78.37 from 78.60.
Post a Comment for "NZ dollar dips after German survey"