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

 


NZ dollar gains vs. yen as US jobs figures loom

NZ dollar gains vs. yen as US jobs figures loom, keeping Japanese currency under pressure

By Paul McBeth

Jan. 8 (BusinessDesk) - The New Zealand dollar touched a new six-year high against the yen as looming US payrolls figures kept Japan’s currency under pressure amid expectations an improving American labour market will spur the Federal Reserve to unwind its asset purchase programme at a faster pace.

The kiwi rose as high as 86.95 yen, trading at 86.92 yen at 5pm in Wellington from 86.37 yen yesterday. It traded at 82.82 US cents from 82.77 cents at 8am and up from 82.62 cents yesterday.

Japan’s yen weakened to 104.87 per US dollar at 5pm in Wellington from 104.52 yesterday ahead of the ADP private payrolls report in the US, a precursor to official government jobs figures on Friday in Washington. The US Fed is keeping close tabs on the strength of the labour market as it weighs the pace of withdrawing its monetary stimulus. The minutes for the Fed’s December policy meeting will also come out on Wednesday in Washington.

“It’s a fairly quiet market – the US employment numbers this week will be the highlight,” said Alex Hill, head of dealing at HiFX in Auckland. “It all depends on how the non-farm payrolls come out” for the kiwi, he said.

New Zealand realty figures today showed housing turnover Auckland in December slowed with dwindling listings, something HiFX’s Hill said suggested the Reserve Bank’s restrictions on low equity home lending might be having an earlier effect than anticipated.

“The RBNZ may be getting the effect that they wanted,” Hill said. “We didn’t expect it to show the full effect until March or April, so it will be interest to see whether that changes the interest rate outlook.”

The kiwi dollar rose to 92.87 Australian cents at 5pm in Wellington from 92.50 cents yesterday, and increased to 60.84 euro cents from 60.63 cents. It gained to 50.55 British pence from 50.38 pence yesterday. The trade-weighted index advanced to 78.49 from 78.19 yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Scoop Business: ComCom Charges Hawkins’ Finance Companies Over Debt Recovery

The Commerce Commission has filed criminal proceedings against two finance companies run by former 1980s high-flyer Allan Hawkins over their debt recovery practices. More>>

ALSO:

Science Media Centre: The Big Science Stories Of 2014

It was a dramatic year for science, one that witnessed a severe outbreak of Ebola in West Africa and an historic mission to land a space probe on a comet. On the home front... headlines with animal testing for 'legal highs', 1080 use to tackle increased pest numbers and court action over genetically modified organisms among the most-covered stories. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news