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

 


NZ dollar stays high as US employment data comes into focus

NZ dollar stays high as US employment, local confidence comes into focus

By Paul McBeth

March 31 (BusinessDesk) - The New Zealand dollar stuck close to its recent two-and-a-half year high against the greenback as investors shift their focus to a series US employment figures this week, and ahead of a local business confidence survey today.

The kiwi was little changed at 86.56 US cents at 8am from 86.58 cents at the close of trading in New York on Friday, down from 86.85 cents at 5pm in in Wellington last week. The trade-weighted index edged down to 80.84 from 80.94 last week in Wellington.

Traders will be looking for further evidence the world’s biggest economy is on the path to recovery this week with jobs figures culminating in the Federal government’s non-farms payrolls report on Friday in Washington. Harsh winter conditions through the end of 2013 and start of this year stifled production, and investors are hoping to see some improvement, which will spur the Federal Reserve to shift away from its ultra-loose monetary policy.

“We would not expect NZ data to change the picture of overall domestic strength and all eyes will be on US and global activity data culminating in US payrolls Friday,” ANZ Bank New Zealand senior economist Mark Smith and senior FX strategist Sam Tuck said in a note. “With no compulsion on inflation grounds to normalise policy settings in Europe or the US, the NZ economy is likely to continue to stand out like a sore thumb. Those wanting a lower NZD may have to wait a while yet.”

ANZ said the local currency may trade 86.20 US cents and 87.20 cents today.

Locally, the ANZ Business Outlook is expected to show more optimism among the local corporate community, though it may ease from the 20-year high it reached in February. Government data is expected to show building permits rose in February.

The kiwi was little changed at 93.63 Australian cents at 8am from 93.57 cents at 5pm in Wellington last week, ahead of tomorrow’s Reserve Bank of Australia monetary policy meeting. The central bank’s board is expected to keep the key rate unchanged at 2.5 percent, though traders have priced in a 2 percent chance of a cut, based on the Overnight Index Swap curve.

The local currency rose as high as 89.20 yen, this highest since July 2007, trading at 89.01 yen at 8am in Wellington from 88.70 yen last week. It fell to 62.88 euro cents from 63.17 cents last week, and declined to 51.95 British pence from 52.25 pence.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Fairfax Moves To Create Modern Newsroom

Fairfax Media New Zealand continues its newsroom transformation this week, with a proposal to further organise its editorial operations into focused, local teams and specialist national topic areas. More>>

ALSO:

Dairy: Fonterra Forecast For 2015/16 Season

Fonterra Co-operative Group Limited has today reduced its forecast Farmgate Milk Price for the 2014/15 season to $4.40 per kgMS. Along with its previously announced forecast dividend range of 20-30 cents per share, the change amounts to a forecast ... More>>

ALSO:

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>


BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news