Kiwi rules

Press, 29 January 1986, Page 35

Kiwi rules

The United States dollar futures contract, spot month, dropped another 40 points on the Futures Exchange yesterday as the kiwi dollar firmed on the foreign-exchange market. The February dollar contract was a little firmer, however. Mr Geoff McDonnell, futures manager of Mair Astley, attributed the firmness of the kiwi dollar to rising interest rates and overseas loan money coming into the country. Wool futures were steady on increased trading. Mr McDonnell expects prices to fail if the kiwi dollar stays high, however. Cash rates for 90-day biils have risen a percentage point GST seminars GST will be spotlit in a seminar programme organised by the New Zealand Retailers’ Federation. “Traders will be faced with a new market following the tax introduction,” the federation’s executive director, Mr Barry Purdy, said. The 58 seminars — in February and March — will look at registration, pricing, sales and management with GST.

in the last week, and the PCP futures index has not fully responded, Mr McDonnell says. Details of yesterday’s trading: JUS CONTRACTS Mth Open H/L Last Vol Jan 1.8700 .8790/700 .8785 43 Feb 1.8900 .8980/900 .8950 17 Mar 1.9020 .9020/020 .9020 1 Contracts traded: 61. Open positions at January 27: Jan 435, Feb 222, Mar 1, Jun 1, Sep 1, total 660 (up 39). COMMERCIAL BILLS Mth Open H/L Last Vol Feb 7580 585/570 585 42 Mar 7560 575/545 575 78 Apr 7680 685/675 685 39 Contracts traded: 159. Open positions at January 27: Feb 358, Mar 1032, Apr 184, Jun 110, Sep 72, Dec 17, total 1773 (up 30). WOOL FUTURES Mth Open H/L Last Vol May 505 505/505 505 4 Aug 523 524/523 ' 524 7 Oct 523 524/523 524 6 Dec 523 524/523 524 7 Jan 523 524/523 524 6 Mar 530 530/528 528 16 May 534 534/533 534 11 Contracts traded: 57. Open positions at Jan 27, Jan 14, Mar 192, May 377, Aug 202, Oct 218, Dec 233, Jan 210, Mar 303, May 187, total 1936 (up 3).