PERTH: The New Zealand dollar slumped to a month low versus Australian dollar after a better than expected jobs report eased worries about Australia’s economy.
The kiwi fell as low as 94.01 Australian cents, the lowest since Dec. 16, and traded at 94.27 at 5pm in Wellington from 95.19 cents yesterday. It was little changed at 77.22 cents from 77.20 cents at 8am, up from 77.03 cents yesterday.
Australia added 37,400 jobs last month, beating the 5,000 expected, with the bulk being full-time positions. The unemployment rate fell to 6.1 percent and the participation rate beat forecasts at 64.8 percent, according to Bureau of Statistics data. That lifted demand for the Australian dollar, which has been under pressure from falling commodity prices, which erode the outlook for the nation’s resources-based exports.
“The employment report was quite a surprise – it was good on all angles,” said Imre Speizer, market strategist at Westpac Banking Corp in Auckland. “We’re happy enough to buy the Aussie, selling the kiwi as we look for it to rise,” he said, referring to the cross-rate in Australian dollar terms.
New Zealand government figures showed food prices rose 0.3 percent in December, and were up an annual 1 percent in what’s seen as a low-inflation environment. The 2014 fourth-quarter consumers price index is scheduled for release next week, and economists are anticipating the data to show inflation at the bottom end of or below the Reserve Bank’s 1 percent to 3 percent target band.
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