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

 


NZ dollar largely flat on the week ahead of US jobs figures

NZ dollar largely flat on the week ahead of US employment figures

By Paul McBeth

Jan. 10 (BusinessDesk) - The New Zealand dollar is heading for a 0.3 percent dip this week as investors await the release of US employment figures, which are seen as a cue for the Federal Reserve’s view on the pace of scaling back its monetary stimulus.

The kiwi traded at 82.46 US cents at 5pm in Wellington from 82.72 cents at last week’s close, little changed from 82.43 cents at 8am and 82.57 cents yesterday. The trade-weighted index slipped to 78.14 from 78.30 yesterday, and was little changed from 78.30 at last Friday’s close.

A BusinessDesk survey of 11 traders and strategists on Monday predicted the local currency would trade between 81.20 US cents and 84.50 cents this week. Nine expected the currency to rise, one said it would be unchanged and one tipped a decline.

Investors are awaiting non-farm payrolls employment figures on Friday in Washington, and may expect a slightly better number after upbeat private data and lower unemployment claims. The strength of the US labour market is seen as a key plank in the Fed’s plans to unwind quantitative easing, after cutting the monthly bond buying programme by US$10 billion this month to US$75 billion.

“It’s a market that’s pretty thin and waiting for tomorrow morning’s announcement,” said Alex Hill, head of dealing at HiFX in Auckland. “It’s going to need decent variance away from expectations to really do anything” to shift the kiwi out of its recent range, he said.

HiFX’s Hill said the Reserve Bank’s outlook will be key for the kiwi, with the next policy review later this month.

The trans-Tasman currencies largely ignored Chinese trade figures showing an 8.3 percent lift in imports last month. The kiwi fell to 92.63 Australian cents at 5pm in Wellington from 92.90 cents yesterday.

The local currency was little changed at 86.50 yen from 86.55 yen yesterday, and declined to 60.57 euro cents from 60.79 cents. It edged down to 50.04 British pence from 50.17 pence.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news