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

 


NZ dollar gains as US employment figures loom

NZ dollar gains as US employment figures loom, Asian stocks rally

By Paul McBeth

Oct. 5 (BusinessDesk) - The New Zealand dollar gained as stock markets across Asia rallied on growing optimism the world's major central banks will support global growth and as traders await US employment figures.

The kiwi rose to 82.41 US cents at 5pm in Wellington from 82.14 cents at 8am and 82.06 cents yesterday. The trade-weighted index fell to 73.35 from 73.55.

Investors were buoyed by European Central Bank president Mario Draghi affirming the bank's support for the euro at yesterday's monetary policy review and the minutes to the last Federal Open Market Committee meeting which showed the Fed won't let its asset-buying programme won't be allowed to disrupt markets.

Stocks across Asia rallied on the Northern Hemisphere central banks' statements, with Hong Kong's Hang Seng Index up 0.3 percent in afternoon trading and Australia's S&P/ASX 200 index up 0.8 percent. Traders are preparing for US non-farm payrolls, which are expected to show the world's biggest economy added more than 100,000 jobs last month, with employment the major focus for the Federal Reserve in assessing the recovery.

"If there's nothing too exciting in non-farm payrolls, the kiwi might press back a little higher to 82.50/82.75 US cents," said Chris Tennent-Brown, FX economist at Commonwealth Bank of Australia in Sydney. "The kiwi should be alright if volatility stays low."

The Bank of Japan kept its benchmark uncollateralised overnight call rate at between zero and 0.1 percent and held its asset purchase programme, though it flagged a weaker growth outlook for the world's third-biggest economy. The bank expanded its money printing programme by 10 trillion yen in September. The kiwi was little changed at 64.52 yen from 64.55 yen yesterday.

The New Zealand dollar fell to 63.31 euro cents from 63.47 cents yesterday, and edged down to 50.86 British pence from 50.95 pence. The kiwi was little changed at 80.26 Australian cents from 80.33 cents yesterday.

(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