kiwi falls on mention of intervention
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Kiwi falls on mention of intervention

Arab Today, arab today

Arab Today, arab today Kiwi falls on mention of intervention

London - Agencies

Reserve Bank governor Graeme Wheeler has told manufacturers he will intervene in currency markets if the circumstances will let him smooth the peaks and troughs, though he can't set the level of the currency. The kiwi dropped half a US cent after the speech's release. Mr Wheeler told the New Zealand Manufacturers' and Exporters' Association on Wednesday the kiwi dollar is significantly over-valued, and he "will intervene when the circumstances are right". The RBNZ can intervene in currency markets when the kiwi is at exceptional levels that aren't justified, is consistent with monetary policy, and when it will work. The local currency dropped to 84.03 US cents from 84.61 cents immediately before the speech notes were published. "The Reserve Bank is prepared to intervene to influence the kiwi," Mr Wheeler said. "But given the strength of recent capital flows, we can only attempt to smooth the peaks of the USD/NZD exchange rate; we cannot determine the level." Since taking the Reserve Bank reins in September last year, Mr Wheeler has criticised the strength of the kiwi dollar, calling it overvalued and saying it's holding back the economic recovery. He has previously ruled out intervening in currency markets, which he says wouldn't have a sustainable influence on the kiwi. The high dollar has become an increasingly heated political issue, with an opposition party inquiry into what it has called a crisis in New Zealand manufacturing. "When the NZ dollar is coming under upward pressure, we want investors to know that the kiwi is not a one-way bet," said Mr Wheeler. The central bank sold a net $199 million of its cash reserves on foreign exchange markets in December when the trade-weighted index was an average 73.92, adding to the $64 million sold in November. That's the biggest monthly sale since mid-2008 when the kiwi dollar plunged going into the global financial crisis.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kiwi falls on mention of intervention kiwi falls on mention of intervention

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kiwi falls on mention of intervention kiwi falls on mention of intervention

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday