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

 


NZ dollar jumps against Aussie on weak Australian trade data

NZ dollar jumps against Aussie as weaker Australian trade weighs

By Tina Morrison

Jul. 3 (BusinessDesk) - The New Zealand dollar rose against its Australian counterpart after weaker than expected Australian trade data weighed on sentiment about the company's growth prospects.

The kiwi jumped to 92.92 Australian cents at 8am in Wellington, from 92.58 cents at 5pm yesterday. The local currency advanced to 87.69 US cents from 87.52 cents yesterday.

The Australian dollar dropped after a report showed the country's trade deficit unexpectedly widened to A$1.9 billion in May, matching the largest deficit since November 2012 and almost 10 times wider than the A$200 million shortfall predicted by economists in a Bloomberg survey. Australia's trade position worsened after a fall in exports, particularly to China, the country's largest export market.

"Weakness in the Australian dollar was initially inspired by yesterday afternoon's release of the Australian trade balance," Bank of New Zealand senior market strategist Kymberly Martin said in a note. "As there is no data scheduled on the domestic agenda today, the New Zealand dollar/Australian dollar cross will take its cues from Australian data releases."

Today, traders will be eyeing Australian data on May retail sales and building approvals scheduled for release at 1:30pm New Zealand time.

Reserve Bank of Australia governor Glenn Stevens is scheduled to give a speech to the Australian Conference of Economists and the Econometric Society Australasian meeting in Hobart at 1pm New Zealand time.

Today in China, reports are released on the non-manufacturing PMI and the HSBC Services PMI.

Tonight, the focus will be on the release of key US non-farm payrolls data for June. Expectations for an additional 215,000 payrolls may have ticked higher after last night's US ADP private payrolls report for June beat expectations, said Martin. The ADP report showed 281,000 jobs were added in June, above the 205,000 expected.

The New Zealand dollar advanced to 64.22 euro cents from 64.01 cents yesterday ahead of the European Central Bank meeting today where no change in policy is expected. The local currency edged up to 51.08 British pence from 51.04 pence yesterday and rose to 89.25 yen from 88.91 yen. The trade-weighted index gained to 81.36 from 81.13 yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news