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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news