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

 

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