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

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news