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Home / Business

NZ dollar lifted as Donald Trump predicts great deal with China

By Rebecca Howard
BusinessDesk·
30 Oct, 2018 04:25 AM2 mins to read

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The kiwi traded at 65.46 US cents.

The kiwi traded at 65.46 US cents.

The New Zealand dollar got a lift when markets were cheered after US President Donald Trump told Fox News that he predicts a "great deal" with China on trade.

The kiwi traded at 65.46 US cents from 65.27 US cents at 8am and 65.32 cents yesterday. The trade-weighted index was at 72.03 from 71.73.

See live rates for the NZ-US $ below. Click for more information:

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Risk appetite got a lift after Trump's commented that he may be more ready than China to do a deal. That helped ease concerns that the US will announce tariffs on all remaining Chinese imports by early December. Talks are planned next month between presidents Trump and Xi Jinping.

"I can make a deal right now, I just say they are not ready," Trump said in the interview.

"It was that news that moved the kiwi," said Imre Speizer, Westpac Banking Corp's head of NZ strategy.

The kiwi has been battered by the US-China trade tensions as China is New Zealand's largest trading partner. Any slowdown in China would weigh on New Zealand exports.

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Speizer said markets will now be focused on Australia's third-quarter inflation data due tomorrow, followed by US non-farm payrolls data at the end of the week.

The kiwi traded at 57.50 euro cents from 57.31 cents yesterday and at 51.11 British pence from 50.88 pence yesterday. The local currency rose to 92.33 Australian cents from 92 cents yesterday and to 73.72 yen from 73.08 yen. It increased to 4.5603 Chinese yuan from 4.5411 yuan yesterday.

New Zealand's two-year swap rate rose 1 basis point to 1.99 per cent; the 10-year swaps were unchanged at 2.78 per cent.

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