NZ dollar gains after US jobs report misses expectations 8 Sep 2014
Related articles
- NZ consumers grow more upbeat, may resume spending Business
- Sick leave expected to increase during World Cup Sport
- Knowles quits as CEO of KiwiBank Business
- NZ migration bolstered by British invasion Migration
- Sludge Report #192: The Naked Budget Columns
- Budget 2010 – Building the Recovery News
- NZ manufacturing activity reaches highest since 04 Business
- NZ dollar hits 22-month high vs euro Business
- Unemployment rate falls from 7.1 to 6 percent Recruitment
- OceanaGold finds new gold deposits at Fraser mine Business
NZ dollar advances after US employment report misses expectations
By Tina Morrison
Sept. 8 (BusinessDesk) - The New Zealand dollar advanced after a US employment report printed weaker than expected, reviving expectations the Federal Reserve may keep interest rates at record lows for longer.
The kiwi was at 83.12 US cents at 8am in Wellington, from 83.26 cents at the New York close and 82.84 cents at 5pm in Wellington on Friday. The trade-weighted index gained to 79.01 from 78.77 on Friday.
The US dollar index, which measures the greenback against a basket of currencies, slipped after the US non-farm payrolls report showed US employers added 142,000 jobs last month, missing expectations for 225,000 jobs in a Reuters poll of economists and the slowest pace this year. Data for the previous two months was also revised lower. That prompted concern about the pace of the US economic recovery and suggested the Federal Reserve Open Market Committee won't signal higher rates at its meeting this month.
"Friday's surprisingly weak non-farm payrolls report triggered a pullback in the currency but in light of its strong rally this (past) week, the decline was extremely modest," Kathy Lien, managing director of foreign exchange strategy at BK Asset Management, said in a note. "The dollar is propped up by broader fundamental drivers that remain unchanged despite one month of weak job growth. When (Fed chair) Janet Yellen speaks after this month's FOMC meeting, she will most likely provide zero insight on the timing of rate rises, downplaying expectations for earlier tightening.
"While the dollar could experience a further correction in the coming week, we expect the decline to be shallow and short-lived as investors view it as an opportunity to buy at lower levels," BK's Lien said.
In New Zealand today, Statistics New Zealand publishes the second quarter survey of manufacturing at 10:45am. Chinese banks are closed for a mid-Autumn festival.
The kiwi jumped to 51.31 British pence from 50.78 pence on Friday ahead of a referendum on Scottish independence.
The New Zealand dollar was little changed at 88.71 Australian cents from 88.66 cents on Friday, advanced to 64.19 euro cents from 64.05 cents and was almost unchanged at 87.22 yen from 87.23 yen.
(BusinessDesk)
News
Hilary Timmins' Award-Winning UK Documentary Series To Inspire NZ Students
29 Jun 2020 Education
Dream Catchers, produced and directed by Hilary Timmins, celebrates the success stories of more than thirty inspirational New... more
New Zealand reaffirms support for Flight MH17 judicial process
7 Mar 2020 News
Ahead of the start of the criminal trial in the Netherlands on 9 March, Foreign Minister Winston Peters has reaffirmed the need to... more
Business
NZ Government's Economic package to fight COVID-19
17 Mar 2020 Business News
The Coalition Government has launched the most significant peace-time economic plan in modern New Zealand history to cushion the... more
NZ Government announces aviation relief package
19 Mar 2020 Business News
Transport Minister Phil Twyford today outlined the first tranche of the $600 million aviation sector relief package announced earlier... more
Living
Diversity was Key at New Zealand Trade Tasting in London
6 Jun 2022 Food & Wine
New Zealand Winegrowers Annual Trade Tasting was recently held in London, on Wednesday 4 May, in Lindley Hall.
It was the first... more
Kiwi author stuns Behind the Butterfly Gate
12 Jan 2022 Arts
Hidden behind the Butterfly Gate is where the secret has been kept for 76 years...
New Zealand writer Merryn Corcoran’s... more
Property
Fairer rules for tenants and landlords
17 Nov 2019 Property
17 NOVEMBER 2019
The Government has delivered on its promise to the over one million New Zealanders who now rent to make it fairer... more
New Zealand Government will not implement a Capital Gains Tax
17 Apr 2019 Property
The Coalition Government will not proceed with the Tax Working Group’s recommendation for a capital gains tax, Jacinda Ardern... more
Migration
Boosting border security with electronic travel authority – now over 500,000 issued
19 Nov 2019 Migration
19 NOVEMBER 2019
We’ve improved border security with the NZeTA, New Zealand Electronic Travel Authority, which helps us to... more
Christchurch reinstated as refugee settlement location
18 Aug 2018 Migration
18 AUGUST 2018
HON IAIN LEES-GALLOWAY
The announcement that Christchurch can once again be a settlement location for refugees... more
Travel
Gallipoli Anzac Day services cancelled
19 Mar 2020 Travel & Tourism
The New Zealand and Australian Governments have announced this year’s joint Anzac Day services at Gallipoli will be cancelled... more
New Zealanders advised not to travel overseas
19 Mar 2020 Travel & Tourism
New Zealanders advised not to travel overseas
more
Sport
The Skipper's Diary: Sir Richard Hadlee honouring his father and NZ's Forty-Niners
27 Oct 2019 Cricket
NZNewsUK London Editor Charlotte Everett spoke to Sir Richard Hadlee about why he’s chosen to publish his father’s... more
PREVIEW: All Blacks v England semi-final
26 Oct 2019 Rugby
The two most convincing quarterfinals winners are set to square off in a semifinal showdown for the ages when the All Blacks meet old... more
Columns
Gordon Campbell on the Gareth Morgan crusade
11 Nov 2016 Opinion
Gordon Campbell on the Gareth Morgan crusade
First published on Werewolf
The ghastly likes of Marine Le Pen in France and Geert ... more
Gordon Campbell on the US election outcome
10 Nov 2016 Opinion
Column - Gordon Campbell
Gordon Campbell on the US election outcome
Well um.. on the bright side, there (probably)... more
Kiwi Success
Congratulations to Loder Cup winner
26 Sep 2018 People
25 SEPTEMBER 2018
The Loder Cup, one of New Zealand’s oldest conservation awards, has been awarded to Robert McGowan for 2018... more
Appointments to New Zealand National Commission for UNESCO
16 Aug 2018 Appointments
16 AUGUST 2018Appointments to New Zealand National Commission for UNESCO
HON JENNY SALESA
Associate Education Minister Jenny Salesa is... more
Recruitment
Historic pay equity settlement for education support workers
14 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more
Historic pay equity settlement for education support workers
22 Aug 2018 Recruitment
14 AUGUST 2018Historic pay equity settlement for education support workers
RT HON JACINDA ARDERN
HON CHRIS HIPKINS
Prime Minister
The... more