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


US employment report awaited to drive global sentiment

US employment report awaited to drive global currency sentiment

By Paul McBeth

May 2 (BusinessDesk) - The New Zealand dollar was little changed ahead of US employment data after figures earlier this week showed the world’s biggest economy barely grew in the first three months of the year.

The kiwi traded at 86.27 US cents at 5pm in Wellington from 86.36 cents at 8am, and 86.13 cents yesterday. The trade-weighted index increased to 80.20 from 80.01 yesterday.

Investors are expecting strong jobs growth when US non-farm payrolls for April are released overnight, with a Bloomberg survey predicting a monthly lift of 218,000, a strong lift at odds with an unexpected lift in unemployment benefit claims last month.

“There’s nothing that anyone cares about to take us out of recent ranges ahead of non-farms,” said Nick Tvedt, senior corporate FX dealer at HiFX in Auckland, referring to tonight’s US jobs report.

He expects the kiwi will trade between 86 US cents and 86.40 cents, with upward bias, since weak US economic growth figures released on Wednesday in the US continue to confound predictions.

“Sitting in the wake of Wednesday, you’d need to see something pretty surprising to reverse all of that,” Tvedt said.

The local currency is heading for a 0.6 percent gain against the greenback, and is largely flat on a trade-weighted basis, over the week.

New Zealand commodity prices fell 4 percent last month, led by declines in the price of dairy products, according to an ANZ survey.

The kiwi rose to 88.32 yen at 5pm in Wellington from 88.06 yen yesterday, and climbed to 92.99 Australian cents from 92.67 cents. It increased to 62.25 euro cents from 62.07 cents yesterday, and edged up to 51.10 British pence from 51.02 pence.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news