Daily Management Review

NZ dollar posts record high against Australian dollars


Australia may have won the Cricket World Cup beating New Zealand, but the Kiwis have bowled out Australia in the money market with a record high against the Australian dollar.

New Zealand dollar rose to record high against the Australian Dollar, thanks to the traders looked ahead to non-farm payrolls data in the US and an expected interest rate cut by the Reserve Bank of Australia after the Easter weekend.

The kiwi was trading at 98.51 Australian cents, the closest it has come to the stronger Australian dollar since a rallying in 1984 for 97.90 cents. The local currency traded at 74.62 US cent. The kiwi peaked high when Australia’s trade deficit widened for a third month in February, to A$1.26 billion.

While the markets in both Australia and New Zealand will be closed for the Easter break, the next working day of Tuesday will reveal how much of a cut Reserve Bank of Australia has made compared to New Zealand and this will in turn reflect on the upsurge of Kiwi.

The non-farm payrolls data in the US are expected to show the country adding 245,000 jobs last month which will also affect the trade of New Zealand as well as Australian dollars. In a reverse effect, Australian government bond futures tracked US Treasuries. The three-year contract climbed 4 ticks to 98.360, while the 10-year contract put on 2.5 ticks to 97.6900.

The gain for Kiwi could also be attributed to the fall in the price of dairy products to an average 10.8 percent in the latest GlobalDairyTrade auction, with many in the market anticipating an even weaker sale.

Science & Technology

With China Set To Dominate, 1 Billion Could Be Using 5G By 2023

Deutsche Telekom unveils next gen 5G mobile antennas in Europe

Diamonds are now the new gold

Expert Body Says Driving In A Driverless Car In An Inebriated Condition Or On Drugs Should Be Legalized

SEC’s EDGAR database vulnerable to cyber threats

Research Says The Risk Of Severe Turbulence On Planes Will Increase Due To Climate Change

Barclays and CLS Group aim to replace SWIFT with blockchain

Designing Of Cars Being Done With Hologram Goggles At Ford

The Already Surging Cyber Attacks Are Set To Rise Even Further, Says A Study

Chinese to equip smartphones with OLED displays

World Politics

World & Politics

Scholar Says Political Appointees Not As Important As Financial Ones In China For The Economy

An Expected Change In Brussels Could Be Crucial For The Euro Zone

Destroying People Who Wouldn't Help One Of His Bankrupt Businesses Was All Trump Talked About When He Met Him In 1990s: Branson

Russia Is Worried About America’s Unpredictability

No oil contracts with Iraqi Kurdistan: Iraq’s oil ministry

Donald Trump lost $ 600 million during his presidency

Britain puts its weight behind Europe in the battle between Boeing and Bombardier

EU hopes to keep the Iran nuclear deal afloat