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

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news