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18 Feb 2018 14:27
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  •   Home > News > Business

    Kiwi follows Aussie lower on trade data

    The NZ dollar followed its Australian counterpart lower after trade figures across the Tasman weighed on the outlook for the currencies.

    7 December 2017

    Fonterra
    Fonterra

    The New Zealand dollar followed its Australian counterpart lower on Thursday after trade figures across the Tasman weighed on the outlook for the antipodean commodity currencies.

    The kiwi declined to US68.60c as at 5pm in Wellington from 68.76cents at 8am and 68.96c Wednesday.

    The Australian dollar fell 0.2 per cent in local trading after Australian Bureau of Statistics showed a smaller trade surplus than expected, a seasonally adjusted trade surplus of A$105 million in October, well short of the A$1.4 billion surplus economists expected.

    Meantime the greenback remained well bid as the Bank of Canada's interest rate review and ongoing issues for the UK in extracting itself from the European Union sapped appetite for alternative currencies.

    "The disappointing Aussie trade data pushed the Aussie-US lower and the kiwi slipped in sympathy," said Westpac senior strategist Imre Speizer.

    Mr Speizer said news that Fonterra cut its forecast farmgate payout on weak global dairy prices won't have helped the kiwi, although it was a widely expected move and in line with forecasts.

    Fonterra lowered its forecast payment to farmers by 35 cents to $6.40 per kilogram of milk solids.

    Looking ahead, he said the main focus will now be on Friday's nonfarm payrolls data in the US, with economists expecting growth of 195,000.

    Any progress on tax reform legislation in the United States and a potential US government shutdown if Congress fails to agree on a spending package before the deadline midnight Friday, is also being closely watched.

    The local currency eased to A90.85c from 90.93c and to 51.25 British pence from 51.32 pence Wednesday and fell to 58.09 euro cents from 58.22c. It declined to 77.09 yen from 77.37 yen yesterday and to 4.5367 Chinese yuan from 4.5617 yuan.


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