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21 Mar 2018 14:14
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  •   Home > News > Business

    Kiwi follows Aussie's path down

    The New Zealand dollar has fallen to US68.36c, following its Australian counterpart down after Australia's October trade surplus shrank drastically.


    The New Zealand dollar has fallen, extending its slide along with the Aussie, following weak Australian trade data, as the market looks ahead to a US payrolls report and keeps a watch on US tax reforms.

    The kiwi declined to US68.36 cents as at 8am on Friday in Wellington from US68.60c late Friday. It traded at 90.93 Australian cents from A90.85c as the Aussie dollar sank to a six-month low US75.01c.

    The kiwi was dragged lower by the Aussie after figures showed a smaller-than-expected Australian seasonally adjusted trade surplus of $A105 million in October, well short of the $A1.4 billion surplus economists expected.

    Figures on Frida tonight are expected to show the US economy stacked on 195,000 jobs in November, down from 261,000 the previous month, while wage pressures increased and the jobless rate held unchanged at 4.1 per cent. Bets on a hike at the Federal Reserve meeting next week are running at almost 100 per cent.

    "Since this time yesterday, the AUD is the worst performer, not helped by a much lower-than-expected trade balance for October," said BNZ currency strategist Jason Wong.

    "The NZD has followed a similar path, reflecting the broader commodities theme," he said.

    Fonterra cut its forecast milk payout as expected this week, following declines in global dairy prices in four of the last five auctions.

    In New Zealand on Friday, traders will be watching for third-quarter manufacturing figures, the final partial indicator that goes into the gross domestic product report out this month.

    On Friday morning, the kiwi fell to 50.72 British pence from 51.25p and declined to 58 euro cents from 58.09c. It rose to 77.20 yen from 77.09 yen and fell to 4.5229 yuan from 4.5367 yuan. The trade-weighted index declined to 72.31 from 72.53.


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