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

 


NZ dollar edges up as traders await swathe of US data

NZ dollar edges up as traders await swathe of US economic releases

By Tina Morrison

July 29 (BusinessDesk) - The New Zealand dollar edged up amid US dollar weakness as traders await key US economic releases in coming days.

The kiwi advanced to 85.46 US cents at 8am in Wellington from 85.31 cents at 5pm yesterday, trading in a tight range of 85.27 cents and 85.60 cents overnight. The trade-weighted index edged up to 79.74 from 79.66 yesterday.

The US dollar index, which measures the greenback against a basket of currencies, weakened after a measure of house sales in June unexpectedly fell ahead of this week's release of US second-quarter gross domestic product, a Federal Reserve policy announcement from chair Janet Yellen and the publication of US nonfarm payrolls data. The New Zealand dollar has dropped 1.8 percent since Reserve Bank governor Graeme Wheeler last week called the currency's strength "unjustified".

"Everything is in a waiting pattern still, we have heard from Wheeler, now we want to hear from Yellen and also what the jobs data does," said Peter Cavanaugh, client advisor at Bancorp Treasury Services. "The US GDP, unless it is a shocker, probably won't do much."

Today, traders will be keeping an eye out for a potential announcement from Fonterra Cooperative Group following its board meeting today. The nation's largest company is expected to announce a cut to its forecast dairy payout for 2015 following a drop in global dairy prices and an elevated exchange rate, with speculation the payout could be revised down to around $6 per kilogram of milk solids from a previous forecast of $7/kgMS and from a record $8.40 /kgMS in 2014.

The New Zealand dollar was little changed at 90.82 Australian cents from 90.85 cents yesterday, edged up to 63.62 euro cents from 63.53 cents, advanced to 50.32 British pence from 50.24 cents and gained to 87.05 yen from 86.85 yen yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

ICT Innovation: Six NZ Finalists In World Summit Awards

The awards are a global showcase of 40 projects, across eight categories, with a special emphasis on those which show the benefits of information and communication technology for the development of communities. New Zealand has finalists in six of the eight categories. More>>

ALSO:

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news