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Thread: NZ dollar still rising

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    Default NZ dollar still rising

    Runaway NZ dollar breaks above US81c
    2:35PM Tuesday July 24, 2007



    Having zoomed past US80c late yesterday, the kiwi dollar waited less than 24 hours to broach the US81c mark.

    Our currency hit a 25-year high of US81c this afternoon as policy makers and lobby groups puzzled about ways to contain the runaway currency.
    In hectic trading, the kiwi hit US81.08c at 2.20pm.

    The Council of Trade Unions today called for a range of measures to control house price inflation including a capital gains tax.

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    On a purely selfish level, I am quite happy for the NZ dollar to remain strong for as long as possible!!! We have quite a bit of money tied up in our house in NZ which we don't intend selling until next year - we did well with the exchange rate on our move to NZ in June 06 (we got $3 to the ?1), so we wouldn't mind doing well on moving the money back too!! Sorry to everyone who is moving t'other way!! We transferred some money back yesterday and got a really good rate (got about ?200 more than we would have done if we had made the transfer this time last year)

    Hope everyone is well,

    Maggie x

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    Glad that it's going the right way for someone anyway, Maggie. Also happy and relieved that we don't have to make the decision to change money at the moment. It was bad enough sending money to NZ when we bought the house and the rate was 2.45. That hurt.
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    Job losses loom as Kiwi dollar climbs
    By KERI WELHAM - The Dominion Post | Wednesday, 25 July 2007

    Cheaper shoes, more bang for your buck on overseas holidays, cut-price plasma televisions ? or jobless. What does the high dollar mean for you?

    The latest high, over US81 cents yesterday, was bad news for the export sector. It means those earning their money overseas are getting less for those United States dollars, euros or pounds when they are converted back into New Zealand dollars.

    Economic analyst Infometrics warns that there could be job losses in the export sector. Businesses have already been taking their manufacturing arms to countries with lower production costs.

    Infometrics economist Chris Worthington said that if the dollar's rise continued, or held for many months, the decreased value for international visitors would start to erode the tourism sector. This also could lead to job losses.

    But with 3.8 per cent unemployment, Mr Worthington said there was no concern about a surge in the number of jobless. Employers were still struggling to find skilled and unskilled staff and any job losses would undoubtedly be absorbed by the hungry employment market.

    He said as long as the dollar was high, the winners would continue to be consumers. International travel was increasingly good value, as evidenced by the 208,000 Kiwis who travelled abroad on short trips last month. Kiwis' travelling internationally was a double whammy for domestic tourism, which was already seeing the effects of tourists spending less.

    If the dollar remained high, fewer foreign tourists would choose New Zealand. Kiwis who chose to holiday at home might eventually benefit from discounts as the sector grew desperate.

    Motor vehicle dealers were reluctant to discount ? even though their costs would be falling ? but Infometrics said there would be fat built into prices which could enable dealers to offer good discounts.

    The strong dollar also gave some protection against petrol price rises. Though oil was trading at roughly the same price as a year ago, a stronger dollar had more buying power.

    Meanwhile, the price of hi-tech goods such as stereos, plasma televisions and cellphones would continue to fall. This was partly due to the dollar and partly due to the fast pace of the industry, in which the proliferation of new products meant older models were sold off at huge discount.

    Mr Worthington said that if consumers were impatient for prices to fall they could use the Internet to buy goods in American dollar prices.

    From [url=http://www.stuff.co.nz/4140339a11.html[/url].
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    Dare we hope it's finally on the way down?

    NZ dollar in free fall
    8:01AM Saturday July 28, 2007

    The dollar has been in free fall overnight, dropping two cents against the US dollar. Deals are being done at around 76.4 US cents to the dollar.

    The dollar was at 76.2 cents against the greenback when the Reserve Bank starting selling the kiwi six weeks ago in an effort to reduce its value.

    The dollar continued to rise, however, and reached a post float record of 81.6 US cents early this week.

    On Thursday Reserve Bank governor Alan Bollard announced that interest rates would rise another quarter of a per cent and he subsequently commented that four successive hikes in the official cash rate might be enough to dampen economic growth.

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    According to a front-page story in the Weekend Press, the 10-year average against the US dollar is 56 cents! I'm dying here and hoping for a more rapid descent quickly, but I'm not particularly hopeful. The US dollar is still weak, weak, weak, so I doubt I'm going to get much relief. :sigh:
    EOI Submitted: July 20, 2006
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    Thumbs up Going down....

    Kiwi dollar drops
    4:30AM Friday August 03, 2007

    The New Zealand dollar headed back down towards US76c yesterday after consolidating for most of the day.

    The kiwi hit a six-week low against the greenback around US75.35c about 6pm on Wednesday, before bouncing back overnight as currency investors took their cue from recovering sharemarkets.

    By the local close, it was back to US76.23c, about half a US cent from its session high. The kiwi dollar was at a seven-week low against the Australian dollar around A89c before picking up to close at A89.45c. The trade weighted index was 73.17.

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    Angry

    Currency: NZ dollar continues to strengthen
    9:18AM Tuesday August 07, 2007



    The New Zealand dollar continued strengthening during the night after surviving a test of support early yesterday.

    By 8am today the kiwi was buying US76.51c, having recovered from a drop below US75.55c around 10am yesterday.

    The ANZ Bank today said support for the NZ dollar only briefly gave way at US75.70c as heavy demand entered the market.

    From there the kiwi never looked back, spending the remainder of the local day and the offshore session being steadily bought, ANZ said.

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    Default Going down.....

    Currency: Kiwi dollar slumps over 2c in hectic trading
    5:30PM Friday August 10, 2007

    The New Zealand dollar plunged over US2c, or 3 per cent, in a slump begun on Wall Street and precipated by a credit crunch originating in the US subprime mortgage market.

    "It was certainly frenetic," said ANZ Investment Bank chief dealer Murray Hindley. "That's what happens when you get a meltdown in global credit markets."

    He said all eyes would be on Wall Street tonight but he wouldn't be surprised if the kiwi fell another cent in overnight trading.

    The kiwi ended the local session at a two-month low of US74.50c compared with US76.80c at yesterday's close. It has fallen 8.8 per cent in under a month since hitting a post-flat high of US81.6c.

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    Currency: Dollar keeps slip-slidin' away
    8:55AM Tuesday August 14, 2007

    What goes up, apparently, must come down.

    The New Zealand dollar spent most of the overnight session below US74c, hitting a 10-week low around US73.65c, as investors continued to retreat from risky investments.

    The latest step down in the value of the kiwi started around 3pm yesterday, when the currency was buying around US74.60c, with the low point coming around 10pm. At 8am today the kiwi was buying US73.93c.

    It stabilised overnight as central banks in the world's leading economies pumped extra money into the financial system for a third straight trading day, but in far smaller amounts as investor nerves steadied over the dangers of a credit squeeze.

    The weak run of high-yielding currencies such as the NZ dollar and British pound continued as investors unwound carry trades where low-yielding currencies are borrowed and then sold to buy higher yielding assets.

    The kiwi dipped from around 88.30 yen yesterday afternoon to a trough around 86.75 before partially recovering to be at 87.46 yen by 8am today.

    Around 6.30pm yesterday the kiwi was at near five-month lows against the Australian dollar, around A87.50c. By 8am today it was at A87.78c.

    The kiwi was also buying 0.5433 euro at 8am today from 0.5427 at 5pm yesterday. The trade weighted index was 71.24 this morning from 71.33.

    - NZPA

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