NZ$ low against US; US service industry activity surges, imports rise and private jobs growth slows; Greece upbeat on loan progress; UST 10yr yield 2.28%; NZ$1 = 65.2 US¢, TWI-5 = 70.3

Here’s my summary of the key events overnight that affect New Zealand with news the NZ$ has fallen to a six-year low against the US$.

A mixture of data has come out of the US overnight, sparking debate around Federal Reserve interest rate hikes later this year. Service industry activity surged to a near-decade high in July, with new orders and employment spurring this increase.

A Commerce Department report shows imports rose in June, as the US’s trade deficit grew by 7%, which is more than expected. An acceleration in domestic demand and a strong dollar sucked in imports of food and cars, while exports dropped for the second month in a row.

Thirdly, data from the payroll firm ADP shows private job growth slowed in July, largely due to layoffs in the energy industry and weaker job gains in manufacturing. These worse than expected results cast a cloud over the Labour Department’s July jobs market report due out on Saturday morning (NZ time). 

The Greek Prime Minister says Greece is close to concluding a deal with lenders on a multi-billion-euro bailout, which he says will end doubts over its place in the euro zone. His comments are the latest in a series of unusually upbeat assessments by Greek and European officials of progress in talks towards up to 86 billion euros in fresh loans.

And across the Ditch, the market is expecting July unemployment figures in Australia to inch up slightly from 6.0% to 6.1%. The stats are due out at 1.30 today. 

In New York, the UST 10yr yield benchmark has bounced back up to 2.28%.

The US oil price remains in a massive slump at US$45/barrel. Brent crude is just below US$50/barrel. 

The gold price has recovered slightly from yesterday, but remains weak at US$1,086/oz.

The New Zealand dollar is the lowest it’s been against the US since July 2009. It’s at 65.2 US¢, 88.5 AU¢, and at 60 euro cents. The TWI-5 is at 70.3.

If you want to catch up with all the local changes yesterday, we have an update here.

The easiest place to stay up with event risk today is by following our Economic Calendar here »

Daily exchange rates

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for(i=0;i

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