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

 

Strong Aussie job growth sees NZ dollar ease

Strong Aussie job growth sees NZ dollar ease against $A while firming against greenback

By Rebecca Howard

Nov. 15 (BusinessDesk) - The New Zealand dollar eased against the Aussie dollar after Australia's unemployment rate remained at a six-year low in October but gained against the greenback as global risk appetite ticked higher after the draft Brexit deal.

The Kiwi traded at 93.44 Australian cents at 5pm in Wellington from 93.91 Australian cents at 8:45 am and from 93.70 cents Wednesday. It traded at 67.99 US cents from 67.78 US cents late Wednesday.

Across the Tasman, unemployment was unchanged at 5.0 percent in October, helped by an increase in the participation rate to 65.6 percent from 65.5 percent in September. The September jobs result had been very strong and "this was also a reasonably good result," said Ross Weston, head of trading for Kiwibank.

Weston said the kiwi was also benefiting from "a risk on move" after UK Prime Minister Theresa May secured a draft deal on Brexit but did come under some pressure after US Federal Chairman Jerome Powell said the strong US economy was likely to continue growing. Powell spoke at a moderated discussion at the Dallas Fed with the reserve bank's president Robert Kaplan.

According to Dow Jones Newswires, Powell said the main challenge facing the Fed now is to consider how much further to raise rates and the pace at which the central bank raises rates. He said the Fed would evaluate "really carefully...how the markets and the economy and business contacts are reacting to our policy."

Overall, however, "he seemed relatively upbeat" and the greenback got a bit of a lift, said Weston.

Looking ahead, Weston said with little data on the immediate horizon the US-China trade tensions are likely to be at the front of investors' minds. News that China has delivered a written response to U.S. demands for wide-ranging trade reforms was viewed as positive, three U.S. government sources said, according to Reuters. Foreign currency exchange company OFX said the kiwi will likely continue to push higher "as long as investors remain optimistic over upcoming developments."

The kiwi traded at 52.26 British pence from 52.15 pence Wednesday, and at 59.99 euro cents from 59.91 euro cents. The New Zealand dollar was at 4.7166 Chinese yuan from 4.6913 yuan and at 77.13 yen from 76.97 yen.

The trade-weighted index was at 74.22 from 73.97.

New Zealand's two-year swap rate was unchanged at 2.17 percent; the 10-year swaps were unchanged at 3.04 percent.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Largest Drop In Terms Of Trade In A Decade As Dairy Export Prices Sour

Lower export prices for dairy, meat, and logs in the September 2020 quarter led to the biggest drop in terms of trade since June 2009, Stats NZ said today. Export prices fell in the September 2020 quarter, down 8.3 percent from its highest ever ... More>>

ALSO:

Stats NZ: Election Boosts October Job Numbers

Job numbers were boosted by general election staff in October 2020, along with rises in the manufacturing, retail, and hospitality industries, Stats NZ said today. Filled jobs rose by 27,667 to 2.2 million in October 2020 compared with September, after ... More>>

Government: New Year Border Exception For Seasonal Workers In The Horticulture And Wine Industries

2000 additional RSE workers to enter New Zealand early next year employers must pay these workers at least $22.10 an hour employers will cover costs of managed isolation for the RSE workers RSE workers will be paid the equivalent of 30 hours work a week ... More>>

ALSO:


Media: Discovery, Inc. Completes Acquisition Of New Zealand’s Mediaworks TV Ltd

Auckland, New Zealand, December 1, 2020 - Discovery, Inc. (“Discovery”), the global leader in real-life entertainment, has completed its acquisition of New Zealand’s leading independent free-to-air commercial broadcaster, MediaWorks TV Ltd, now operating ... More>>

Department Of Conservation: Big Year Underway At Albatross Colony

Familiar faces are returning for the new season of Royal Cam, with a big breeding year underway for the toroa/northern royal albatross colony on Otago’s windswept Pukekura/Taiaroa Head. More than 120 albatrosses, a taonga species, have returned ... More>>

Real Estate: ASB Survey Reveals Majority Of Kiwis Expect House Prices To Keep Climbing

ALSO:

House price expectations are soaring as New Zealand’s housing market shifts up a gear. But stretched affordability is putting a dent in perceptions of whether it’s a good time to buy. While Kiwis reveal they do expect interest rates to fall further. ... More>>

Stats NZ: Births And Deaths: Year Ended September 2020

Births and deaths releases provide statistics on the number of births and deaths registered in New Zealand, and selected fertility and mortality rates. Key facts For the year ended September 2020: 57,753 live births and 32,670 deaths ... More>>

ALSO: