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

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news