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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news