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

 


NZ dollar reaches almost 2-week high vs. Aussie on jobs data

NZ dollar jumps to almost 2-week high vs. Aussie after weak jobs data

By Jonathan Underhill

Feb. 13 (BusinessDesk) - The New Zealand dollar rose to the highest in almost two weeks against the Australian dollar after figures showed Australia’s jobless rate climbed to a 10-year high last month and that economy shed jobs.

In New Zealand dollar jumped to 92.91 Australian cents from 92.03 Australian cents at the start of the day. It fell to 83.11 US cents from 83.15 US cents at 8 am and from 83.46 cents yesterday.

Australian government figures showed the unemployment rate climbed to 6 percent last month, beating economist forecasts for a 5.9 percent rate, from 5.8 percent a month earlier. People employed fell by 3,700. The Australian dollar was broadly weaker after the date was released as traders rethought the timing of any interest rate moves by the central bank, which last week dropped reference to an easing bias.

“The employment data has certainly taken the gloss off the Australian dollar,” said Stuart Ive, senior adviser at OM Financial.

While traders expect the Reserve Bank of New Zealand to starting hiking its 2.5 percent official cash rate starting in March, they are divided on the timing of a move by the RBA and pared back best on a rate hike for its 2.5 percent cash rate after today’s figures. That makes the outlook for New Zealand rates relatively more attractive than for Australia and polishes the appeal of the kiwi.

Ive said traders are now looking ahead to retail sales in the US overnight for clues to the pace of growth in the world’s largest economy. Federal Reserve chair Janet Yellen this week reiterated the fed’s position that its massive stimulus programme would be wound back at a measured pace given weakness in the US labour market. Yellen is set to deliver the Fed's report to the Senate tonight.

The kiwi traded at 50.01 British pence from 50.11 pence at 8am in Wellington and 50.73 pence yesterday. The kiwi slipped to 61.01 euro cents from 61.23 cents yesterday and fell to 84.89 yen from 85.56 yen yesterday. The trade-weighted index was at 78.31 from 78.48 yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Dairy And Travel Still Our Largest Export Earners

New Zealand earned $2.3 billion more from exports than we spent on imports during the year ended June 2015... total exports of goods and services were $67.5 billion, while total imports were $65.1 billion. More>>

ALSO:

Approval: Air New Zealand And Air China Launch New Alliance Route

Air New Zealand and Air China have today launched joint sales for a new daily direct service between Auckland and Beijing after receiving approval from New Zealand Minister of Transport Hon Simon Bridges to form a strategic alliance. More>>

ALSO:

Money Trading: FX Trader Jin Yuan Finance Warned Over Lack Of Monitoring

Jin Yuan Finance, an Auckland-based foreign exchange trader, has been warned over its lack of anti-money laundering processes in place in the first public notification by the Department of Internal Affairs. More>>

ALSO:

Auckland Surge, Possible Peak: House Values Accelerate At Fastest Annual Pace In 8 Years

New Zealand residential property values rose at their fastest annual pace in eight years in August, pushed higher by overflowing demand in Auckland, which is showing signs speculators think it has reached its peak, according to Quotable Value. More>>

ALSO:

Cash Money: Reserve Bank Launches New $5 And $10 Banknotes

The $5 and $10 final banknotes were revealed at an event at the Bank in Wellington, and will start to be released from mid-October 2015. More>>

ALSO:

Truck Sales Booted: Commerce Commission Files Charges Against Mobile Trader

The Commerce Commission has filed charges against a mobile trader, or truck shop operator, claiming he obtained money from customers by deception and never intended to supply them with the goods they paid for. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news