By - Mariko Ishikawa
Category - Sell Scrap Gold Sydney
Posted By - http://tinyurl.com/DiamondBuyer
 |
| Sell Scrap Gold Sydney |
Australia’s dollar declined for a
third day after employment data failed to signal improvement
that would rule out further easing by the central bank to
support the economy.
The so-called Aussie briefly rose after the figures showed
a lower-than-expected unemployment rate and an increase in
payrolls. The number of full-time jobs declined while part-time
employment increased, according to the report. The Reserve Bank
of Australia said this week the inflation outlook “would afford
scope to ease policy further” after it kept borrowing costs at
a half-century low. New Zealand’s dollar slid on data showing
that employers cut jobs.
“The details in the jobs data are less impressive than the
headline number, and that will temper any gains in the Aussie
dollar,” said Mitul Kotecha, Hong Kong-based head of currency
strategy at Credit Agricole SA. “It was slightly better than
expected, but it’s mostly driven by part-time jobs. I don’t
think this will change the RBA perspective.”
The Aussie declined 0.1 percent to $1.0307 at 2:04 p.m. in
Sydney from yesterday, after earlier rising 0.1 percent. It fell
1.1 percent in the previous two sessions and touched $1.0297
today, the lowest since Nov. 16. Australia’s currency dropped
0.3 percent to 96.32 yen, adding to yesterday’s 0.7 percent
loss.
New Zealand’s dollar weakened 0.5 percent to 83.56 U.S.
cents and touched 83.53, the lowest since Jan. 31. The so-called
kiwi fell 0.7 percent to 78.10 yen.
Employment Data
The number of people employed in Australia increased by
10,400 last month from December, the statistics bureau said in
Sydney today. That compares with the 6,000 gain predicted by the
median estimate in a Bloomberg News survey of economists.
The number of full-time jobs declined by 9,800, and part-
time employment rose by 20,200, today’s report showed.
Australia’s participation rate, a measure of the labor force in
proportion to the population, fell to 65 percent from 65.1
percent a month earlier.
Data yesterday showed Australian retail sales fell 0.2
percent in December from the previous month, the longest stretch
of declines in 13 years.
RBA Governor Glenn Stevens and his board left the overnight
cash rate target at 3 percent on Feb. 5. Interest-rate swaps
data compiled by Bloomberg show traders see a 49 percent chance
the RBA will lower the rate on March 5.
The yield on Australia’s 10-year bonds fell five basis
points, or 0.05 percentage point, to 3.47 percent.
Demand for New Zealand’s currency was limited as data
signaled jobseekers gave up searching for work.
NZ Jobs
Employment slumped 1 percent, or 23,000 jobs, from the
third quarter, Statistics New Zealand said in a report today in
Wellington. The median forecast in a Bloomberg survey was for a
0.4 percent gain. The jobless rate fell to 6.9 percent from 7.3
percent as the participation rate reached the lowest in eight
years.
“The fall in the currency was to be expected given the
drop off in employment and the participation rate, but we look
at these levels as a chance to buy the dips, particularly
against the Aussie dollar,” said Mike Jones, a currency
strategist at Bank of New Zealand in Wellington. “Labor market
figures are a lagging indicator and the broader picture is one
where the New Zealand economy appears to be accelerating.”
Australia’s dollar rose 0.4 percent to NZ$1.2338 from
yesterday, when it dropped to NZ$1.222, the lowest since July
2010.
New Zealand’s two-year swap rate, a fixed payment made to
receive a floating rate, fell half a basis points to 2.89
percent.
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