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

 


NZ dollar rises to near 8-week high as markets mull US jobs

NZ dollar rises to near 8-week high as markets mull US jobs data

By Paul McBeth

Jan. 14 (BusinessDesk) - The New Zealand dollar rose to its highest level since late November as markets continued to gauge whether last Friday’s weak US employment figures will weigh on the Federal Reserve’s plans to scale back its bond buying programme.

The kiwi rose as high as 83.83 US cents, its highest level since Nov. 20, trading at 83.76 cents at 8am in Wellington from 83.31 cents yesterday. The trade-weighted index advanced to 78.77 from 78.41 yesterday.

Japan’s yen strengthened to 102.89 per US dollar as investors digest last Friday’s weak US jobs number, which showed the world’s biggest economy added 74,000 jobs in December, and whether it will weigh on the Fed’s plans to unwind its quantitative easing programme. New Zealand’s currency was also a beneficiary, and traders will be watching local business confidence data today which is expected to show the local economy’s strength.

“Some of the market still sees the effect in Friday’s payrolls as potentially slowing US tapering,” said Kymberly Martin, currency strategist at Bank of New Zealand in Wellington. “All that was good news for the kiwi.”

BNZ’s Martin said New Zealand’s currency broke through a technical level during the Northern Hemisphere trading session, and can now push up to 84.10 US cents.

The New Zealand Institute of Economic Research’s quarterly survey of business opinion “is likely to be pretty good as well, continuing the story of strength in New Zealand,” Martin said.

Other local data scheduled for release today include December’s retail spending on electronic cards and Quotable Value’s December property values.

The kiwi dollar was little changed at 86.23 yen at 8am in Wellington from 86.20 yen yesterday, and edged up to 92.32 Australian cents from 92.22 cents. It climbed to 61.34 euro cents from 60.92 cents yesterday, and gained to 51.19 British pence from 50.48 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news