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

 

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Eggs-it Strategy: Countdown Programme For Free Range And Barn Launches

Countdown has today launched an Egg Producer Programme to support free range and barn egg farmers to increase the supply available for Countdown stores and our customers. More>>

ALSO:

LVRs: Banks Get An Extra Month To Meet New Lending Restrictions

The Reserve Bank won't impose new lending restrictions for highly-leveraged investment purchases until the start of October, giving lenders an extra month to clear their backlog of pre-approvals. More>>

ALSO:

Commerce Commission: Charges Against Youi Insurance

The Commerce Commission has filed charges in the Auckland District Court against insurance firm Youi NZ Pty Limited, alleging it employed misleading sales techniques when attempting to sell policies to consumers who were only seeking a quote. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news