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

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news