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

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news