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

 


NZ dollar edges up as market latches on to weak US job news

NZ dollar edges up as market latches on to weaker US employment data

May 2 (BusinessDesk) - The New Zealand dollar edged up as investors latched on to weaker than expected US employment data, after figures earlier this week showed soft economic growth in the first three months of the year.

The kiwi increased to 86.36 US cents at 8am in Wellington from 86.13 cents yesterday. The trade-weighted index advanced to 80.27 from 80.01.

Markets largely ignored positive consumer spending and manufacturing news in the world’s biggest economy, focusing instead on an unexpected rise in initial jobless claims ahead of April’s non-farm payrolls report on Friday in Washington. Tepid first-quarter growth in the US sparked concerns about the strength of its economy, though forward-looking indicators still show signs of life.

“There’s a small bias towards responding to negative news,” said Imre Speizer, market strategist at Westpac Banking Corp. “That will overall keep the US dollar weak and push up the kiwi/US.”

Westpac’s Speizer said the kiwi may trade between 86 US cents and 86.40 cents today ahead of the US payrolls report.

A number of European markets were closed for the May Day holiday yesterday, keeping trading volumes light.

Traders will keep an eye on the ANZ commodity price index today for a read on New Zealand’s export market, and after prices have been drifting down in recent months.

The kiwi rose to 88.34 yen at 8am in Wellington from 88.06 yen yesterday, and climbed to 93.09 Australian cents from 92.67 cents. It increased to 62.29 euro cents from 62.07 cents, and edged up to 51.11 British pence from 51.02 pence.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news