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

 


NZ dollar slips before jobs data likely to show tepid growth

NZ dollar slips before jobs report expected to show tepid growth in jobs

Feb. 7 (BusinessDesk) – The New Zealand dollar declined ahead of employment figures for the fourth quarter, which are expected to show tepid growth in jobs and a falling unemployment rate.

The New Zealand dollar fell to 84.18 US cents from 84.45cents in Asia yesterday. The trade-weighted index declined to 76.25 from 76.41.

The Household Labour Force Survey, released later this morning, will show jobs grew 0.4 percent in the fourth quarter after a similar sized decline in the previous three months, according to a Reuters survey. The jobless rate probably fell to 7.1 percent from 7.3 percent. The report follows figures on Tuesday showing only modest wage and labour market growth, giving the central bank no cause to rush to raise interest rates.

“The data is notoriously ‘noisy’,” said Kymberly Martin, a strategist at Bank of New Zealand. “Any positive surprise would likely see the currency re-test recent highs at US$0.8480, though there is strong resistance at this level.”

The kiwi dollar also weakened as US stocks fell and the euro declined against the US dollar ahead of the European Central Bank’s next meeting.

The New Zealand dollar rose to 62.30 euro cents from 62.20 cents. It gained to 81.63 Australian cents from 81.55 cents ahead of employment data across the Tasman today.

The kiwi fell to 78.61 yen from 79.20 yen and gained to 53.72 British pence from 53.93 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news