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

 

Sky City : Auckland Convention Centre Cost Jumps By A Fifth

SkyCity Entertainment Group, the casino and hotel operator, is in talks with the government on how to fund the increased cost of as much as $130 million to build an international convention centre in downtown Auckland, with further gambling concessions ruled out. The Auckland-based company has increased its estimate to build the centre to between $470 million and $530 million as the construction boom across the country drives up building costs and design changes add to the bill.
More>>

ALSO:

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news