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

 


NZ dollar touches 8-yr high vs. AUD before jobs data

NZ dollar touches 8-year high vs. Aust. dollar before jobs data across the Tasman

By Paul McBeth

Jan. 16 (BusinessDesk) - The New Zealand dollar touched an eight-year against its trans-Tasman counterpart ahead of Australia employment figures, which will give investors another update on how that economy is tracking.

The kiwi rose as high as 93.96 Australian cents, the highest since December 2005, and traded at 93.51 cents at 8am in Wellington from 93.40 cents yesterday. The local currency was little changed at 83.32 US cents from 83.36 cents yesterday.

Australia’s unemployment rate was unchanged at 5.8 percent as 7,500 jobs were added in December, according to a Reuters survey of economists. Investors are gauging the impact of the Reserve Bank of Australia’s rate cuts last year as the nation’s economy slows down amid dwindling demand for its hard commodity exports. That’s at odds with the gathering momentum in New Zealand, and seen the kiwi become a favourite among investors.

“If we get a stronger Australian jobs number, the Aussie could definitely spike back up again,” said Tim Kelleher, head of institutional FX sales NZ at ASB Institutional in Auckland, referring to the Australian dollar colloquially.

The kiwi has failed to break above 94 Australian cents twice this week, and Kelleher said he expects traders to wait until the Reserve Bank of New Zealand policy meeting at the end of the month if they decide to take it lower.

The Dollar Index, a measure of the greenback against a basket of currencies, rose to 81.04 from 80.85 yesterday as US manufacturing figures the Federal Reserve’s Beige Book painted a better picture of the world’s biggest economy. Traders were spooked by a weak December employment reading last week, which spurred fears the Fed might not pull back on its stimulus programme as quickly as anticipated.

ASB’s Kelleher said the kiwi still trading in its range of between 81 US cents and 84 cents, and will probably find support at 83.50 cents today.

“The kiwi’s still outperforming on some of the cross – the kiwi/sterling, kiwi/euro, kiwi/yen – and it’s the cross that’s holding it up,” Kelleher said.

The local currency edged up to 97.18 yen at 8apm in Wellington from 87 yen yesterday, and was little changed at 61.29 euro cents from 61.13 cents yesterday. It increased to 50.92 British pence from 50.76 pence yesterday. The trade-weighted index was little changed at 78.94 from 78.87 yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news