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Weekly roundup: AUD boosted by historic employment data, NZD rises on dairy price surge

currency-newsWeekly roundup: AUD boosted by historic employment data, NZD rises on dairy price surge
High levels of risk-demand supported the Australian dollar and New Zealand dollar at the start of last week, even though New Zealand’s food price index showed a -0.8% decline, suggesting inflationary pressures in the economy remain weak.

Data on Tuesday showed a sharp rise in Australian car sales and a solid uptick in consumer confidence, while the New Zealand dollar was boosted by an impressive 4.9% rise in the price of dairy as a result of the latest global auction.

While Thursday saw the New Zealand dollar hit by a tumble in the Business NZ manufacturing PMI for December, the Australian dollar was boosted by another sizeable increase in employment, with last month’s figures marking the first time on record that employment has increased every month in a calendar year.

The economic data calendars for Australia and New Zealand are incredibly sparse this week, which could leave the commodity-correlated AUD and NZD vulnerable to changes in market risk appetite and demand for USD.

Tonight sees the release of the New Zealand performance of services index for December and the latest Australian ANZ Roy Morgan weekly consumer confidence index.

Tuesday holds only the Australian Westpac leading index and Wednesday wraps up the week’s data for both Australia and New Zealand with the skilled vacancies report for the former and card spending and fourth-quarter consumer price data for the latter.
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