Craig Ebert News
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A record New Zealand dollar pushed the central bank into its first confirmed currency intervention in six years. It’s also forcing the nation’s biggest exporters to innovate as the soaring kiwi squeezes returns.
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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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Craig Ebert , a senior economist at Bank of New Zealand, said he feared for his life as a magnitude 7 earthquake shook his room on the 23rd floor of a Christchurch hotel.
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New Zealand’s economy grew at the fastest pace in three years last quarter, led by retailing and the rebuilding of earthquake-damaged Christchurch city, sending the local dollar higher.
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Sales at New Zealand retail stores rose the most in six years in the fourth quarter, led by fuel and building supplies, adding to signs of a recovery and sending the local currency higher.
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New Zealand central bank Governor Alan Bollard will quit in September, ending a decade-long tenure in which he raised interest rates to a record high before cutting them last year to the their lowest ever.
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New Zealand’s services industry expanded at the slowest pace since October on fewer sales and orders, adding to the case for gradual interest-rate increases.
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New Zealand house sales and core consumer spending declined, driving down the currency and providing scope for central bank Governor Alan Bollard to raise the benchmark interest rate only gradually this year.
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New Zealand’s unemployment rate rose more than forecast in the fourth quarter, sending the local currency lower and reducing the case for the central bank to raise interest rates in coming months.
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New Zealand building approvals surged to a 4 1/2 year high in December led by apartments and retirement village units as well as more consents in the earthquake-devastated Canterbury region.
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