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

 

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>

BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>


Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Housing: More House Price Gains Expected

House price expectations remain high, with a net 56% of respondents expecting house prices will increase. Fears of higher interest rates are fading, consistent with the RBNZ’s signals this year. Affordability and a lack of houses for ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news