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

 

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Crown Accounts: Government Ekes Out Six-Month Surplus Of $9M

The New Zealand government eked out a tiny surplus in the first six months of the fiscal year as growth in domestic consumption lifted the goods and services tax take, while uncertainties over the Kaikoura earthquake costs meant expenses were less than expected. More>>

ALSO:

Almost 400 Jobs: Shock At Cadbury's Dunedin Factory Closure

Workers at Cadbury in Dunedin are reeling after learning this morning that the iconic Cadbury factory is to close, with the loss of almost 400 jobs... “The company had reported it was doing well and this has come out of the blue,” says Chas. More>>

ALSO:

Transport: Boards Of Inquiry For Auckland Roading Projects

Boards of Inquiry have been appointed to decide on two significant Auckland roading projects in a move which will get a decision by the end of the year, Environment Minister Dr Nick Smith and Conservation Minister Maggie Barry announced today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news