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Money Australia, NZ dollars all wrung out by tariff showdown

02:36  06 july  2018
02:36  06 july  2018 Source:   reuters.com

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NZD to USD currency converter. Get live exchange rates for New Zealand Dollar to United States Dollar . Use XE's free calculator to convert foreign currencies and precious metals.

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FILE PHOTO: An Australia Dollar note is seen in this illustration photo© REUTERS/Thomas White/Illustration/File Photo FILE PHOTO: An Australia Dollar note is seen in this illustration photo The Australian and New Zealand dollars were precariously poised on Thursday as markets counted down to the threatened launch of U.S tariffs on China, and the risks that might hold to trade and growth worldwide.

The kiwi dollar (NZD=D3) hovered at $0.6768, having touched its lowest since May 2016 at $0.6688 earlier in the week.

The Aussie dollar (AUD=D3) was looking shaky at $0.7379, after ailing to sustain a bounce to $0.7424 overnight. The pace of the pullback suggested speculators were keen to test the recent 18-month trough around $0.7311.

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2 comments about New Zealand Dollars and United States Dollars conversion. exchange rate america australia . eur forint.

"We still believe that $0.7400 represents 'fair value' and we note that investors already appear somewhat short in AUD," said Nomura economist Andrew Ticehurst.

"However, the currency continues to be used as a China and global risk proxy and a further deterioration in sentiment could see AUD, and AUD/JPY in particular, trade lower."

Investors are on tenterhooks ahead of the July 6 deadline when the U.S. administration is due to slap tariffs on $34 billion worth of Chinese goods.

China is Australia's single biggest export market and the world's largest buyer of commodities, making the Australian economy particularly sensitive to developments there.

Trump threatens Harley-Davidson again, says the company 'should stay 100% in America' after 'I've done so much for you'

  Trump threatens Harley-Davidson again, says the company 'should stay 100% in America' after 'I've done so much for you' President Donald Trump once against attacked Harley-Davidson via Twitter. On Monday, Harley announced that it would shift some of its production outside of the US due to Trump's trade fight with the European Union. Trump's decision to impose a 25% tariff in steel imports to the US had already hurt Harley's business. But the announcement of EU tariffs on US-made motorcycles as a response to the steel tariff appears to have been the last straw.

NZD to AUD currency converter. Get live exchange rates for New Zealand Dollar to Australia Dollar . Use XE's free calculator to convert foreign currencies and precious metals.

Our currency rankings show that the most popular Australia Dollar exchange rate is the USD to AUD rate. The currency code for Dollars is AUD, and the currency symbol is $. More Australian Dollar info. NZD - New Zealand Dollar .

Reserve Bank of Australia (RBA) Governor Philip Lowe recently singled out President Donald Trump's protectionism as the single greatest threat to the global outlook.

Domestically, policymakers are also concerned about weakness in home prices and the impact it might have on household wealth, the RBA's head of economics said on Thursday.

Alex Heath noted recent economic data had been positive and the bank was more confident about the outlook for investment outside the mining sector.

But she noted housing construction was no longer adding to growth and the downturn in house price bore close watching.

All of which is why markets have pushed out any chance of a hike in RBA rates until far into 2019 and pulled down bond yields to multi-month lows.

Yields on Australian 10-year paper (AU10YT=RR) have fallen 34 basis points since mid-May to stand at 2.60 percent.

The three-year bond futures contract (YTTc1) was up half a tick at 97.940, having hit its highest since December earlier in the week, while the 10-year contract (YTCc1) eased 1 tick to 97.3950. New Zealand government bonds (0#NZTSY=) were mostly steady.

(Editing by Sam Holmes)

Iron ore catches a bid as steel prices surge again .
Iron ore prices rose on Thursday, supported by continued strength in steel prices and an improvement in investor risk appetite. Analysts suggest steel prices are being supported by both supply and demand factors at present.According to Metal Bulletin, the price for benchmark 62% fines jumped 1.1% to $64.06 a tonne, the largest increase since June 26.

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