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NZ dollar rises on Aussie jobs data

Reported by AAP
Thursday, January 17, 2013
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The New Zealand dollar has risen against an Australian dollar undermined by a weak employment report on Thursday.

The kiwi was at 79.86 Australian cents at 5pm, up from 79.49 cents at 8am and 79.63 cents at 5pm on Wednesday.

The rise came after the Australian employment data came out.

"The important number to look at was jobs growth and the jobs added or shedded. The consensus was for adding 5,000 and the result was shedding 5,500," said Imre Speizer, senior markets strategist at Westpac in Auckland.

"It was not a major surprise. I'd call it a moderate surprise," he said.

Interest rate market pricing for the Reserve Bank of Australia's February meeting gyrated but settled at a 38 per cent probability of a 25 basis point cash rate cut.

The Australian data was "the story of the day", Mr Speizer said.

"Tomorrow we have our story, which is the December quarter inflation report."

A 0.1 per cent rise is expected in the consumer price index in the December quarter.

Mr Speizer said a small negative number could have negative psychological connotations which would undermine the local currency.

The kiwi was at 83.93 US cents at 5pm, which compared to 84.06 cents at 5pm on Wednesday.

The kiwi was also at 74.11 yen at 5pm from 74.02 yen on Wednesday and at 63.19 euro cents from 63.28 euro cents.

The trade-weighted index was at 75.40 from 75.30.

21/10/2014 08:12Sydney, Australia. 21 October,2014
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