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

 


NZ dollar holds in recent range ahead of Australian data

NZ dollar holds in recent range ahead of Australian data

Jan 17 (BusinessDesk) - The New Zealand dollar was trading near 84 US cents on Thursday morning after dipping in overnight trading as traders awaited Australian employment data today.

The kiwi was at 84.01 cents at 8am, little changed from 84.06 US cents at 5pm on Wednesday. It dipped toward 83.65 cents overnight.

A 1.1 percent rise in dairy prices in a Fonterra online auction and positive results from US banks bolstered sentiment in a market that had had a risk-off tone on Wednesday on confusing signals about monetary policy in Japan.

"The kiwi-US(dollar cross-rate) is well within the recent ranges," Dan Bell, currency strategist at HiFX said.

He said the kiwi could rise against the Australian dollar if the unemployment rate in Australia rises to more than the expected 5.4 percent in December. The data is due at 1.30pm NZ time.

At the moment the market isn't pricing in another rate cut from the Reserve Bank of Australia in February but if the unemployment rate is worse than expected the chances of a rate cut increase.

"If we see worse-than-expected employment figures we will see the New Zealand-Aussie cross push up and probably break through 80 Australian cents," Bell said.

It was at 79.49 Australian cents at 8am from 79.63 on Wednesday. HiFX expects the cross to trend higher in the next three months on interest rate differentials between the two countries.

The kiwi was at 74.39 yen from 74.02 yen on Wednesday. It was at 63.16 euro from 63.28 euro and at 52.46 British pence from 52.34. The trade-weighted index was at 75.32 from 75.30.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news