Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Kiwi falls against Aussie on strong employment data

NZ dollar falls against Aussie on strong employment data across the Tasman

By Hannah Lynch

April 12 (BusinessDesk) – The New Zealand dollar fell almost half a cent against the Australian dollar after data showed employers added almost seven times more workers than expected in March.

The New Zealand dollar fell to 78.97 Australian cents at 5pm from 79.31 at 8am. It traded at 79.35 cents at 5pm yesterday. The kiwi rose as high as 81.91 US cents immediately after the data, from 81.73 cents at 8am. The currency traded at 81.95 cents at 5pm down from 82.01 cents at 5pm yesterday.

Australian payrolls rose by 44,000, according to the statistics bureau in Sydney. That compares with a median estimate of 6,500 in a Bloomberg survey, while the jobless rate held at 5.2 percent, compared with expectations for a rise to 5.3 percent. The data helped to ease speculation that the Reserve Bank of Australia will cut interest rates at its May meeting. The rate remained unchanged at its March meeting on 4.25 percent.

“It was an absolute boomer – they were much stronger than expected and naturally the New Zealand dollar is weaker against the Aussie,” said Dan Bell, currency strategist at HiFX. “The kiwi/US has held up well throughout the afternoon as well before coming under some profit taking.”

In the US, the Federal Reserve’s vice chairman Janet Yellen endorsed the central bank’s “highly accommodative” policy, which has been boosting demand for high-yielding currencies such as the kiwi. Investors’ risk appetite gained momentum last week after a US Labor Department report revived speculation the Fed will embark on another round of quantitative easing.

“It again reiterates the view of the Fed chairmen (Ben Bernanke) – the idea is still being dangled and that will be a negative for the US dollar,” Bell said.

The US’s Michigan consumer confidence survey is set for release tomorrow. New Zealand has no more significant data set for release this week.

The New Zealand dollar was unchanged on 62.39 euro cents from 5pm yesterday and was little-changed on 51.42 British pence from 51.44 pence. The kiwi rose to 66.35 yen from 65.98 yen.

The trade weighted index was little changed on 73.05 from 73.01.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news