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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news