NBA: Steven Adams' OKC lose to GSW in thrilling series decider ... Read more

Kiwi falls on job figures

Last updated 18:38 07/02/2013

Relevant offers


Kiwi rises on rate hike outlook Kiwi dollar surges Kiwi dollar drops against US NZ dollar dominance continues NZ dollar eyes US86 cents Kiwi pushes through US85 cents RBNZ warning sends Kiwi higher Kiwi starts new week stable NZ dollar rises on euro confidence Kiwi stays firm against US dollar

The New Zealand dollar shed over half a cent against the greenback today as investors looked through improved unemployment numbers and focused on the worsening labour participation rate.

The kiwi recently traded at US83.59 cents, down from US84.18c this morning, while the Trade Weighted Index of major trading partners' currencies dropped to 75.74 from 76.25.

Figures released by Statistics New Zealand today showed that while the headline unemployment dropped from 13-year high of 7.3 per cent to 6.9 per cent in the last quarter of 2012, the number of people either in work or looking for work dropped sharply.

"While somewhat sceptical over elements of today's release, the message is clear: the labour market is weak,” said ANZ economists. “This confirms that the Reserve Bank will not be raising the OCR [from 2.5 per cent] for quite a while despite a lively housing market and rising credit growth."

On the crosses, the New Zealand dollar recently traded at A81.02 cents, down from A81.63c this morning, and fell to 78.09 Japanese yen from 78.61 yen. The kiwi closed local trading at 61.87 euro cents, down from 62.30 euro cents, and it declined to 35.36 pence from 53.72 earlier

Ad Feedback


Special offers

Featured Promotions

Sponsored Content