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22 Mar 2018 23:00
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  •   Home > News > Business

    Kiwi falls against steeled US dollar

    The New Zealand dollar has fallen to US72.55 cents as the greenback was broadly stronger on US comments there may be exemptions for steel tariffs.

    The New Zealand dollar has fallen against a broadly stronger US dollar after a White House spokeswoman hinted at exemptions to US tariffs on steel and aluminium imports.

    The kiwi fell to US72.55 cents as at 8am on Friday in Wellington from US72.91c late Thursday. The trade-weighted index slipped to 74.64 from 74.73.

    The US dollar index gained after a White House spokeswoman said countries including Canada and Mexico may be carved out of tariffs that President Donald Trump plans to sign into law this week.

    The White House said exemptions would be on a case by case basis.

    Meanwhile, the ECB kept its deposit facility rate unchanged at -0.4 per cent while removing its easing bias and ECB President Mario Draghi said inflation remained subdued. He also said Trump's tariff plans could spark a trade war.

    "The USD has managed to show some broadly based support in overnight trading," said BNZ currency strategist Jason Wong.

    In New Zealand on Friday, traders will be watching for electronic card spending for February, expected to show growth slowed to 0.1 per cent from 1.4 per cent in the previous month.

    In the US on Friday, employment data will come into focus, with expectations the US economy added 205,000 jobs last month while the unemployment rate fell to 4 per cent from 4.1 per cent.

    On Friday morning, the New Zealand dollar rose to 58.92 euro cents from 58.77c late Thursday, gained to 93.30 Australian cents from A93.08c and rose to 52.55 British pence from 52.43p.

    It declined to 76.98 yen from 77.34 yen and fell to 4.5982 yuan from 4.6118 yuan


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