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: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news