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Dollar falls on OCR cut
The kiwi dollar has fallen by a full US cent this morning after the Reserve Bank cut the official cash rates to 2.75pc.
The kiwi dollar has fallen by a full US cent this morning after the Reserve Bank cut the official cash rates to 2.75pc.
The New Zealand dollar has advanced ahead of the Reserve Bank's official cash rate announcement this morning.
Share prices firmed by just under one per cent after major offshore markets surged higher overnight.
Global equity markets gained and commodity markets rallied overnight, triggered in part by a late surge in Chinese equities.
Shares on both sides of the Atlantic moved higher overnight, triggered in part by a late surge in Chinese equities.
A little over a year ago, Joko Widodo swept to power in Indonesia promising bold change and higher living standards.
Traders have put 78 per cent odds of Reserve Bank governor Graeme Wheeler cutting the official cash rate.
The Reserve Bank is expected to cut interest rates this week, fueling belief that banks will follow suit and cut mortgage rates.
You'd think any government would do what it could to protect a valuable asset, however it's the big banks that are trying to save the Barrier Reef from destruction.
The NZ dollar declined after US labour market data left open the possibility of US interest rate hikes this month.
Many Aucklanders are leaving the Super City to buy their first home in cheaper areas.
Will they or won't they is the question that has been on investors' minds as they try to guess when the US Federal Reserve will raise official rates.
New Zealand shares fell yesterday to their lowest level this year as offshore volatility weighed on sentiment again with markets across Asia weaker, with the exception of Australia.
Low world dairy prices aren't stopping the NZ industry - production was up 13pc last month from July last year.
Brian Fallow speaks to a New Zealand-based analyst who sees the EU sliding into paralysis and inevitable decay.
The August corporate reporting season is now largely complete, aside from a few stragglers that have slightly different balance dates.
US economic data has kept alive expectations the Federal Reserve may hike interest rates this month.
Wall Street rose overnight, recovering part of the previous day's selloff as investors found value in some shares.
The NZX 50 closed down 1.2 per cent at 5590.2 yesterday following a plunge on Wall Street overnight that saw the S&P 500 index fall almost 3 per cent.
Fonterra's move to cut the amount it sells on its global dairy auction appears to have worked.
NZ shares are being pummelled this morning after Wall St fell on renewed China fears.
The dollar fell after weak Chinese factory data yesterday raised concerns about a slowdown in Asia's largest economy.
Wall St followed the slide of equities in Europe and Asia overnight, amid mounting fears about the slowing pace of Chinese growth.
Economists are paring back their GDP forecasts for this year, and many expect growth to come in at around 2 per cent or just under.
New Zealand's terms of trade unexpectedly rose in the second quarter as a slide of almost 10 per cent in the Kiwi dollar helped lift prices of exports such as dairy products.
Investors are selling currencies such as the kiwi as they unwind so called 'carry trades'.
Wall St was down overnight as Fed officials left the door open for an interest rate hike this month.