NZ dollar gains against weaker greenback after jobs report 5 Oct 2015
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
- 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
- Transpower gets go-ahead for $170m SI upgrade Business
- NZ home sales creep up in March, still subdued Property
NZ dollar gains against broadly weaker greenback after jobs report misses expectations
By Jonathan Underhill
Oct. 5 (BusinessDesk) - The New Zealand dollar rose against a broadly weaker greenback after soft US labour market data reduced expectations the Federal Reserve will rush to raise interest rates.
The kiwi rose to 64.59 US cents as at 8am in Wellington, from 64.36 cents in late New York trading on Friday and from 63.90 cents in Wellington at the end of last week. The trade-weighted index rose to 70.30 from 70.16 in New York and 69.73 in Wellington on Friday.
The US added 142,00 jobs last month, Labor Department figures showed, compared with expectations of 201,000 jobs, while figures for August and July were revised down and the unemployment rate held unchanged at 5.1 percent. Employment is a key measure for the Fed, which aims to normalise monetary policy after cutting the Federal Funds rate to near zero in December 2008 in response to the global financial crisis. The Fed is preparing to raises rates as traders put 78 percent odds on the Reserve Bank of New Zealand cutting the official cash rate a quarter point to 2.5 percent on Oct. 29.
The US jobs report "was disappointing in its headline and its detail," said Kymberly Martin, a strategist at Bank of New Zealand. "An October Fed hike how appears well off the cards, and even our core view of a hike in December appears shaky."
Martin said the kiwi may break out of its trading range of the past six weeks by trading above 64.60 US cents and if the currency holds onto its gains, the next level of resistance would be at 65 cents.
The local currency rallied through the latter half of last week as rising dairy prices helped bolster flagging business sentiment, and provided traders with more confidence about the resilience of New Zealand's economy.
The kiwi traded at 91.38 Australian cents from 91.28 cents in New York and from 90.98 cents in Wellington on Friday, ahead of the Reserve Bank of Australia's interest rate decision tomorrow, where the odds of a rate cut are seen at just 22 percent.
The kiwi edged up to 57.50 euro cents from 57.42 cents in New York on Friday and rose to 42.48 British pence from 42.43 pence. It rose to 77.50 yen from 77.21 yen and rose to 4.1040 yuan from 4.0919 yuan.
(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