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

 


NZ dollar may fall as US data stokes demand for greenback

NZ dollar may fall as US data buoys optimism about world's largest economy

By Tina Morrison

July 7 (BusinessDesk) - The New Zealand dollar was little changed in quiet trading following Friday's Independence Day holiday in the US, although it may soften following stronger US economic data last week.

The kiwi was at 87.44 US cents at 8am in Wellington, from 87.38 cents at the New York close and 87.49 cents at 5pm on Friday. The trade-weighted index was virtually unchanged at 81.42 from 81.43 on Friday.

The US dollar index, which measures the greenback against a basket of currencies, strengthened after a report on Thursday showing a fifth month of solid US jobs numbers lifted optimism about a revival in the world's largest economy and turned attention to when the Federal Reserve will start raising interest rates.

"It will be interesting to see if we can't continue the theme of a stronger US dollar after the payrolls and the unemployment number last Thursday," said Martin Rudings, OMF senior dealer, foreign exchange. "That should resonate through the market and maybe unlock the door for US interest rates to go a little bit higher now. It really is confirming that the labour market is growing in the States and the market can take a bit of confidence from that."

The report should "put a lid" on a rising kiwi dollar, which could test a low of 86.40 US cents this week, Rudings said.

In New Zealand today, Quotable Value will publish its latest monthly report on property valuations at midday.

The New Zealand dollar edged lower to 93.33 Australian cents from 93.43 cents on Friday, was little changed at 64.32 euro cents from 64.28 cents, unchanged at 50.95 British pence and slipped to 89.20 yen from 89.27 yen.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Revenue Renewal: Tax Modernisation Programme Launched

Revenue Minister Todd McClay today released the first two in a series of public consultations designed to modernise and simplify the tax system. More>>

ALSO:

Scoop Business:
NZ Puts Seven New Oil And Gas Areas Put Up For Tender

A total of seven new areas will be opened up to oil and gas exploration under its block offer tendering system, as the New Zealand government seeks to concentrate activity in a few strategically chosen areas. More>>

ALSO:

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news