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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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