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

 

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