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

 


NZ dollar rises as aussie employment data disappoints

NZ dollar rises as aussie employment data disappoints

Jan 17 (BusinessDesk) - The New Zealand dollar rose against an Australian dollar undermined by a weak employment report on Thursday.

The kiwi was at 79.86 Australian cents at 5pm, up from 79.49 cents at 8am and 79.63 cents at 5pm on Wednesday. The rise came after the Australian employment data came out at 1.30pm NZ time.

"The important number to look at was jobs growth and the jobs added or shedded. The consensus was for adding 5,000 and the result was shedding 5,500," Imre Speizer, senior markets strategist at Westpac said.

"It was not a major surprise. I'd call it a moderate surprise," he said.

The headline jobs number produced a textbook response, the Australian dollar falling quickly to the day's low of 1.0533 US dollars before steadying around 1.0545.

Interest rate market pricing for the Reserve Bank of Australia's February meeting gyrated but settled at a 38 percent probability of a 25 basis point cash rate cut.

The Australian data was "the story of the day", Mr Speizer said.

"Tomorrow we have our story, which is the December quarter inflation report."
A 0.1 percent rise is expected in the consumer price index in the December quarter.

Mr Speizer said a small negative number could have negative psychological connotations which would undermine the local currency.

The kiwi was at 83.93 US cents at 5pm, which compared to 84.06 cents at 5pm on Wednesday.

Earlier a 1.1 percent rise in dairy prices in a Fonterra online auction and positive results from US banks bolstered sentiment, helping the kiwi to recover from a test of lower levels on Wednesday night.

The Australian unemployment rate in December of 5.4 percent was in line with expectations.

The kiwi was at 74.11 yen at 5pm from 74.02 yen on Wednesday. It was at 63.19 euro from 63.28 euro and at 52.48 British pence from 52.34. The trade-weighted index was at 75.40 from 75.30.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news