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

 


NZ dollar poised for mid-week dairy and jobs data

NZ dollar poised for mid-week dairy and jobs data

By Paul McBeth

Aug. 4 (BusinessDesk) - The New Zealand dollar was little changed as a weaker-than-expected US employment report on Friday sapped demand for the greenback, and left investors waiting for their cue from this week's dairy auction and local jobs data, both due Wednesday morning local time.

The kiwi traded at 85.09 US cents at 5pm in Wellington from 85.07 cents at 8am and 85.16 cents on Friday in New York. The trade-weighted index was 79.73 from 79.67 last week.

The US added 209,000 jobs in July, missing economists' expectations by about 24,000 and sapping demand for the greenback, which had been buoyed by a string of upbeat data last week. Economists were hoping the jobs report would extend the run of strong US data, meaning the US Federal Reserve would start raising interest rates earlier than expected.

"The data last week was pretty decent, but the one report everybody wanted to be strong was payrolls," said Sam Tuck, senior FX strategist at ANZ Bank New Zealand in Auckland. "Long-term, US data should strengthen, but the kiwi is looking a bit oversold, and consolidation would be healthy."

Traders are watching for Fonterra Co-operative Group's GlobalDairyTrade auction for another clue on how robust New Zealand's biggest exporter is faring after prices fell to their lowest since December 2012 at the last fortnightly event. The ANZ Commodity Price Index today showed whole milk powder prices led New Zealand commodity prices lower last month.

New Zealand employment figures on Wednesday will also be watched, with analysts picking jobs growth and a lower unemployment rate in the second quarter.

The Reserve Bank of Australia will review monetary policy tomorrow, and is expected to keep the key rate at 2.5 percent. The kiwi slipped to 91.27 Australian cents at 5pm in Wellington from 91.41 cents on Friday in New York.

The local currency traded at 87.34 yen from 87.38 yen last week, and was little changed at 63.41 euro cents from 63.40 cents. It edged down to 50.58 British pence at 5pm in Wellington from 50.63 pence on Friday in New York.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Women's Affairs: Government Accepts Recommendations On Pay Equity

The Government will update the Equal Pay Act and amend the Employment Relations Act to implement recommendations of the Joint Working Group on Pay Equity. More>>

ALSO:

Immigration: Increase In Seasonal Workers For RSE

The current cap will be increased by 1,000 from 9,500 to 10,500 RSE workers for the 2016-17 season. Mr Woodhouse says the horticulture and viticulture industry is New Zealand’s fourth largest export industry, producing almost $5 billion in exports. More>>

ALSO:

Hurunui: Crown Irrigation Invests Up To $3.4m In North Canterbury

Crown Irrigation Investments will invest up to $3.4m in the Hurunui Water Project, an irrigation scheme that will be capable of irrigating up to 21,000 hectares on the south side of the Hurunui River in North Canterbury. More>>

ALSO:

Not So Great:Butterfly Eradication Success

The invasive pest great white butterfly has been eradicated from New Zealand in a world-first achievement, Primary Industries Minister Nathan Guy and Conservation Minister Maggie Barry say. More>>

Gordon Campbell: On The Government’s Tax Cuts Fixation

Long before the earthquake hit, the dodginess of the government tax cuts programnme was evident in the language of its packaging. It is being touted as a “tax cuts and family care” package... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news