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


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news