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

 


NZ dollar extends slide on weak jobs data, gains vs. euro

NZ dollar extends slide on weak jobs data, gains vs. euro on ECB view

Feb. 8 (BusinessDesk) – The New Zealand dollar extended its slide following yesterday’s weak employment data while gaining against a broadly weaker euro after the European Central Bank kept interest rates at a record low.

The kiwi dollar fell to 83.05 US cents from 83.53 cents at 5pm in Wellington yesterday and briefly fell as low as 82.94 cents. It rose to 62.03 euro cents from 61.85 cents.

The local currency began its slide yesterday after government figures showed the participation rate fell to 67.2 percent in the fourth quarter, the lowest level in almost nine years, while employment shrank 1 percent. Meantime, European Central Bank president Mario Draghi sent the euro lower, saying he is concerned about the euro’s strength keeping a lid on inflation, taken as a hint of further interest rate cuts.

“The employment figures took the heat out of the kiwi,” said Alex Hill, a strategist at HiFX. “The euro was the biggest loser last night after the ECB kept rates on hold. And Draghi talked about downside risks to inflation if the euro remained high. That’s why the kiwi-euro is up slightly.”

The New Zealand dollar may trade in a range of 82.70 US cents to 83.30 cents today, he said.

The kiwi fell to 80.79 Australian cents from 80.98 cents ahead of the release of the Reserve Bank of Australia’s monetary policy statement today, which may provide clues to any further interest rate cuts across the Tasman.

The trade-weighted index declined to 75.48 from 75.71. The kiwi traded at 77.63 yen from 77.98 yen and fell to 52.90 British pence from 53.36 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

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