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

 


NZ dollar little changed as RBA review, US jobs loom

NZ dollar little changed as investors await RBA review, US jobs data

By Paul McBeth

March 31 (BusinessDesk) - The New Zealand dollar was little changed as investors await tomorrow’s Reserve Bank of Australia policy review, and US employment figures later in the week for a steer on global growth prospects.

The kiwi was unchanged at 86.56 US cents at 5pm in Wellington from 8am, and little changed from 86.58 cents on Friday in New York. The trade-weighted index slipped to 80.86 from 81.03 last week.

The RBA is expected to keep the target cash rate at 2.5 percent when it reviews monetary policy tomorrow, and traders will focus on whether governor Glenn Stevens tries to talk down the Australian dollar in his commentary after omitting to do so in a recent speech in Hong Kong. The kiwi declined to 93.74 Australian cents from 93.92 cents on Friday in New York

The RBA review precedes US employment data culminating in the Federal government’s non-farm payrolls report on Friday. An improving labour market is seen as a bellwether for the US Federal Reserve to move away from its ultra-loose monetary policy.

“The Aussie stuff tomorrow and the US jobs data mid-week is the focus,” said Alex Hill, head of dealing at HiFX in Auckland. “One of the worst-kept theories is that the US dollar is due to strengthen after the employment numbers,” which should weaken the kiwi, he said.

The New Zealand dollar has been a favourite among traders due to the country’s strong growth prospects and the Reserve Bank’s move to higher interest rates. Economic figures today reinforced that, with strong business and employment confidence surveys, and government data showing building permits for new housing still growing. The local currency is heading for a 5 percent gain against the greenback this quarter.

The kiwi dollar held near a six-and-a-half year high against the yen as figures showed Japanese industrial production unexpected fell in February in its sharpest decline for eight months. The kiwi traded at 89.04 yen at 5pm in Wellington from 89.20 on Friday in New York, the highest level since July 2007.

HiFX’s Hill said the yen is at some key technical levels against the greenback, and could weaken further if those levels break. It traded at 102.87 per US dollar from 102.97x last week.

The kiwi fell to 62.95 euro cents from 63.43 cents on Friday in New York, and declined to 52.04 British pence from 52.36 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news