Annette Beacher News
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New Zealand’s central bank expects to keep borrowing costs at a record low this year to avoid re- igniting demand for the currency, which it said remains overvalued. The kiwi declined.
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Australia’s dollar rallied from the lowest in more than 19 months after data showed building approvals grew more than economists estimated, reducing the case for the Reserve Bank to cut interest rates.
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The Reserve Bank of New Zealand is prepared to increase currency sales to combat a “significantly over-valued” kiwi, Governor Graeme Wheeler said, as his ability to influence the exchange rate is challenged.
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New Zealand central bank Governor Graeme Wheeler said the monetary authority is prepared to step in to damp the nation’s currency. The so-called kiwi tumbled.
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Chinese visitors to The Rees Hotel in Queenstown can have Chicken Congee for breakfast, watch their favorite dramas from back home on TV, then speak to reception in Mandarin to book a jet-boat ride on Lake Wakatipu.
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New Zealand’s central bank extended a period of record-low borrowing costs that began in March last year, sending the local currency to a four-week high on expectations for faster growth over the next two years.
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A private gauge of Australian annual inflation rose in September to near the middle of the central bank’s 2 percent to 3 percent target as the costs of fruit and vegetables advanced.
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New Zealand’s central bank cut its benchmark interest rate to a record low, reducing the attractiveness of the nation’s assets as officials from Beijing to London move to contain inflation by raising borrowing costs.
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Australia’s dollar rallied, erasing earlier losses, as traders pared bets the central bank will cut its key interest rate after data showed companies will continue to invest into next year.
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New Zealand consumer purchases on debit, credit and store cards fell in December, adding to the case for central bank Governor Alan Bollard to delay raising interest rates until the middle of the year.
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