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Well,
The impact of the latest geopolitical tensions is of course being felt here in New Zealand one barometer of that how the dollar is fearing.
Business correspondent Katie Brantford takes a look.
Kiwi doller is struggling to fly as it hits new lows.
The US dollar is soaring,
but here we are sitting today at 58 cents.
The last time we were this low was in March 2020 no surprises for the reasons then.
Prior to that it was during the GFC in 2011.
But we’re also struggling against our neighbors.
After reaching near parity with Australia only a few years ago here we are today at 88 cents.
Also falling against the British pound Now 51 Pence,
The Euro 59 and Japanese Yen 83.
and that’s all because at times of such volatility the US dollar is seen as a safe haven for investors with global tensions on the up so too is the price of a steaming cup of coffee in New Zealand.
One part of that story is the strong USD weakening the the NZD and many other currencies alongside of that.
And we’ve also had a significant increase in the cost of the price of New York Futures markets where coffee is traded as well.
The volatility means that it may be months before costs are actually passed from coffee importers to Consumers.
There’s only really two places that can go either the business can look to absorb that cost within it if it has the capacity to do so.
And we know that a lot of that ability to absorb cost has been diminished over the events from the last two years.
A lower kiwi dollar is better for exporters dear giant Fonterra to dang pound stood a 583 million dollar profits.
when investors are nervous they’ll sell off assets like the New Zealand dollar and instead they’ll try and put their money somewhere that they think safer.
And that’s often an asset like the US dollar which is expected to hold on to its value.
Adding to that overnight the U.S fed Reserve lifted their cash ranked by 75 points in a bid to fight inflation.
We anticipate that ongoing increases will be appropriate.
It’s something our central banks also having to take cool but,
we’ve got growing confidence that over the course of the next 12 18 months inflation is going to be significantly lower than it is at the moment.
The price of imported goods though could rise again,
have four Fallen sharply over the past few months.
But the drop in the New Zealand dollar is really going to limit how much further they come down.
and all this means people are likely to spending Lee says Christmas approaches.
There’s a very good chance that those Christmas presents are going to be more expensive this year.
Actions on the other side of the world being felt acutely here.
Katie Bradford is with us now,
Katie,
A global pandemic,
Russia behaving disgracefully,
inflation up,
climate disasters,
Global economies are taking a hit after hit after head and
Kia Ora John,
yes,
It does feel a bit like it is never ending and not to State the obvious.
But this is the last thing not just that the world wanted.
But also those who monitor economies who try and make predictions about where the economy might be heading.
There’s been some few positives going on lately you know,
We’ve had supply chain problems ease up a bit,
shipping costs ease a bit,
Some you know some of those recession fares have actually dialed back a bit always at the back of everyone’s mind though has been this big butt in that.
But at the moment is Russia and what might happen with Ukraine,
look we aren’t the only ones affected by this obviously take a look at the UK and what’s going on there.
The pound has hit a 37-year low against the US dollar.
yeah that’s extraordinary,
Katie,
I’m looking for the positives.
And I guess we are an export nation.
And we’re a nation who likes tourists coming here and spending their money so while low value Kiwi against the US we’ve got,
To look at the positives,
We’ve got to think about what we can do to try and to make the best out of this.
You know we import a lot but we also export a lot we can we may look to try and Export more but for that embattled tourism industry we’ve had such a hard time,
That lower dollar may attract more people to come here.
and those that come here may spend the cash splash the cash.
you know show it off a bit and that would be a very good summer for tourism operators here in New Zealand,
uh not so good for anyone who might be hoping to go overseas on a bit of a holiday anytime soon though your Dollar’s not going to go as far look,
this is probably going to continue unfortunately for some time yet.
Katie Bradford now
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