New Zealand’s dollar added to its biggest gain in three weeks after a government report showed the nation’s jobs increased more than economists forecast.
The kiwi dollar appreciated versus all but one of its 16 major counterparts as faster jobs growth could add upward pressure on wages and price inflation in coming quarters. The euro held its steepest advance against the dollar in three weeks amid speculation the European Central Bank won’t announce additional stimulus after policy makers meet tomorrow.
“There is a Goldilocks economy story going on in New Zealand,” Joseph Capurso, a currency strategist at Commonwealth Bank of Australia in Sydney. “We had a lot of employment growth but not much wage price inflation. Things are going quite well in New Zealand and that’s why we’ve seen the kiwi dollar up.”
The New Zealand dollar led gainers versus the U.S. currency, rising 0.2 percent to 78.23 U.S. cents at 9:26 a.m. in Tokyo after climbing 1.2 percent yesterday. Australia’s dollar was little changed at 87.37 U.S. cents.
The euro was also little changed at $1.2551 after climbing 0.5 percent to $1.2546 yesterday. It traded at 142.57 yen from 142.53. Japan’s currency held gains at 113.59 per dollar after strengthening 0.4 percent in New York.
Source: Bloomberg (05 Nov 2014)
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