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.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news