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

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news