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24 Jan 2018 14:44
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  •   Home > News > Business

    Kiwi dips against rising Greenback

    The New Zealand dollar has dipped against a rising Greenback after Federal Reserve decision makers revealed they see future rate rises being tied to inflation.


    The New Zealand dollar dipped after minutes of the last Federal Reserve meeting showed policymakers see future rate rises being tied to inflation and fiscal stimulus including tax cuts.

    The kiwi traded at US70.87 cents as at 8:30am in Wellington from US71.10c before the Fed minutes were released leaving it little changed from late Wednesday. The trade-weighted index was at 73.77 from 73.72.

    The minutes said most participants "reiterated their support for continuing a gradual approach to raising the target range", while tax cuts were expected "to provide some boost to consumer spending" and "provide a modest boost to capital spending".

    "The US dollar has been unloved of late and rebounded post the minutes," senior OMF dealer Mark Johnson said.

    The kiwi may encounter resistance if it rises back to US71.06c and may find support if it falls to US70.29c, based on chart analysis, he said.

    In the subdued trading post the Christmas-New Year break, and little local news in New Zealand, the next big event to watch will be US payrolls data on Friday, which is expected to show the world's biggest economy added 188,000 jobs in December, down from 228,000 the previous month.

    Mr Johnson said while Wednesday's dairy auction was "reasonably strong", with whole milk powder (WMP) rising 4.2 per cent, milk powder futures failed to keep rallying after the auction.

    Still, analysts at AgriHQ lifted the AgriHQ milk price forecast for the current season by 1 cent to $6.10 per kilogram of milk solids following the latest Global Dairy Trade auction.

    On Thursday, the kiwi rose to 52.47 British pence from 52.09p and traded at 90.52 Australian cents from A90.63c.

    It gained to 59.02 euro cents from 58.78c, rose to 79.77 yen from 79.57 yen and traded at 4.6079 yuan from 4.6071 yuan.


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