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

 

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news