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

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news