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Australia's Victoria state expects further easing of COVID-19 curbs
  + stars: | 2021-06-13 | by ( Swati Pandey | ) www.reuters.com sentiment -0.84   time to read: +2 min
Pedestrians cross the road at Flinders Street Station on the first day of eased coronavirus disease (COVID-19) restrictions for the state of Victoria following an extended lockdown in Melbourne, Australia, June 11, 2021. REUTERS/Sandra SandersAustralia's Victoria state expects to announce further easing of COVID-19 restrictions this week, acting Premier James Merlino said on Sunday, as the state reported one new locally acquired infection for a second straight day. Australia's second-most-populous state has recorded 92 cases in its latest wave of COVID-19 infections, which triggered a two-week snap lockdown late last month. Victoria emerged from the lockdown on Friday as new cases declined, but some physical distancing rules remain. Australia has fared much better than many other developed countries during the pandemic, with more than 22,300 local COVID-19 cases and 910 deaths since March 2020, mostly in Victorian aged-care homes.
Persons: Sandra Sanders, James Merlino, Australia's, Merlino Organizations: Station, REUTERS, Thomson Locations: Flinders, Victoria, Melbourne, Australia, New South Wales, Australia's, Queensland, , New South Wales, Sydney
Australia, NZ dlrs broadly steady as action shifts to bonds
  + stars: | 2021-06-11 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
The Aussie was dozing at $0.7747, having spent the entire week in a tight range of $0.7719/$0.7765. “On a 100-day basis, all major drivers of the cross have failed to spark a move,” ANZ analysts wrote in a note. Investor activity has shifted to bonds instead, with yields on Australian 10-year government papers down 22 basis points this week, the biggest fall since March 2020. New Zealand government bonds rose, sending yields about 5 basis points lower at the long-end of the curve while yields on 10-year government paper were at their lowest since end-April. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: , , Rodrigo Catril, Philip Lowe, Swati Pandey, Wayne Cole, Ana Nicolaci da Organizations: SYDNEY, New, New Zealand, ” ANZ, Morgan, Reserve Bank of Australia Locations: New Zealand, Treasuries, Ana Nicolaci da Costa
Asian shares hold range as investors eye U.S. CPI
  + stars: | 2021-06-10 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
SYDNEY (Reuters) - Asian shares edged higher but held their recent trading range on Thursday as investors focussed on U.S. inflation data and the risk of an upside surprise that could prompt the Federal Reserve to start tapering its massive stimulus. REUTERS/Kim Kyung-Hoon/File PhotoMSCI’s broadest index of Asia-Pacific shares outside Japan were marginally higher at 700.6 points, but stayed in the 698-712 points range it has traded in since late May. [.N]Markets are looking to the European Central Bank (ECB)policy meeting later in the day where it will likely keep its policy guidance unchanged and publish updated euro area macroeconomic projections. Brent crude futures fell 22 cents to 72 a barrel, while U.S. crude futures were 27 cents lower at $69.69 a barrel. The euro was a tad weaker at $1.2169 ahead of the ECB meeting while the British pound eased to $1.4100.
Persons: Kim Kyung, Dow, , coronavirus lockdowns Organizations: SYDNEY, Federal Reserve, REUTERS, Japan’s Nikkei, Morgan, Treasury, Nasdaq, European Central Bank, U.S, CPI, Reuters, ANZ, Brent, ECB, New Zealand Locations: Tokyo, Japan, Asia, Pacific, Treasuries, coronavirus
Asian shares in tight range ahead of U.S. CPI, ECB meeting
  + stars: | 2021-06-10 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
REUTERS/Kim Kyung-Hoon/File PhotoIn early European trades, the pan-region Euro Stoxx 50 futures added 0.52% and German DAX futures rose 0.1%, as did London’s FTSE futures. MSCI’s broadest index of Asia-Pacific shares outside Japan gained to 703.7 points, but stayed in the 698-712 points range it has traded in since late May. [.N]Markets are looking to the European Central Bank (ECB) policy meeting later in the day where it will likely keep its policy guidance unchanged and publish updated euro area macroeconomic projections. Brent crude futures fell 51 cents to 71.71 a barrel, while U.S. crude futures were 46 cents lower at $69.50 a barrel. The euro was a tad weaker at $1.2162 ahead of the ECB meeting while the British pound eased to $1.4105.
Persons: Kim Kyung, DAX, Dow, Organizations: SYDNEY, Federal Reserve, REUTERS, Japan, Japan’s Nikkei, Morgan, Treasury, Nasdaq, European Central Bank, U.S, CPI, Reuters, ANZ, Brent, ECB, New Zealand Locations: Tokyo, Japan, Asia, Pacific, U.S, Treasuries, United States
LONDON/SYDNEY (Reuters) - Global shares hovered near a record high and the dollar also held steady on Thursday, eyeing U.S. inflation data for any sign the Federal Reserve could start tapering its massive stimulus. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 9, 2021. Yet April’s surprisingly strong U.S. inflation print spooked some, leading to a cautious run in to the May numbers later on Thursday in case of another upside surprise. Ahead of the U.S. CPI data, analysts polled by Reuters said they expected a rise of 0.4% in May, taking the annual pace to 3.4%. Activity was muted in the currency market with the dollar flat against a basket of major currencies.
Persons: April’s, , That’s, , Jim Reid Organizations: Global, eyeing, Federal Reserve, REUTERS, Staff, Deutsche Bank, Morgan, Treasury, U.S, CPI, Reuters, ANZ, Brent Locations: SYDNEY, eyeing U.S, Frankfurt, Germany, COVID, Europe, Asia, Pacific, Japan, U.S, Treasuries, United States
REUTERS/Steven SaphoreS&P Global Ratings upgraded its outlook on Australia's coveted "AAA" sovereign rating to 'stable' from 'negative' on Monday citing the country's "swift economic recovery" from the COVID-19 pandemic driven recession. "The government's policy response and strong economic rebound have reduced downside risks to our economic and fiscal outlook for Australia," S&P said in a statement. S&P added its concern over Australia's high level of external and household debt has been moderated by the country's strong track record of managing major economic shocks. Australian Treasurer Josh Frydenberg welcomed the revised outlook, describing it as a "resounding expression of confidence" in the government's economic management. Australia is one of just nine countries in the world to boast a 'AAA' credit rating from all three major ratings agencies.
Persons: Steven Saphore, Josh Frydenberg Organizations: Sydney Opera House, REUTERS, AAA, Australia, Deloitte Access, European, United, Thomson Locations: Australia, United Kingdom, United States
REUTERS/Issei KatoAsian shares stepped back from three-month highs on Thursday as investors weighed inflation concerns ahead of key U.S. economic data while oil prices rose for a third straight session. Futures point to a firmer open for European stocks with the benchmark STOXX 600 (.STOXX) set to flirt with a fresh record high. The pan-region Euro Stoxx 50 futures climbed 0.5% while futures for German DAX and London's FTSE were up 0.1% each. Australian shares (.AXJO) climbed to all-time highs as investors cheered stronger-than-expected economic growth data released on Wednesday. read moreMoves in currency markets have been limited with the dollar index and other major pairs staying in tight ranges.
Persons: Issei Kato, DAX, Oliver Jones, Jones, Larry Fink, Patrick Harker, Brent Organizations: U.S ., REUTERS, FTSE, Japan's Nikkei, Capital Economics, Investment, BlackRock, Philadelphia Fed Bank, Treasury, AMC Entertainment Holdings, New, . West Texas, Thomson Locations: Tokyo, Japan, U.S, Asia, Pacific, COVID, United States, Europe, China, Australia, New Zealand
The economy expanded by a real 1.8% in the three months to March, data from the Australian Bureau of Statistics (ABS) showed. Economists in a Reuters poll had forecast a 1.5% rise following an upwardly revised 3.2% gain in the fourth quarter. But the A$2 trillion economy has since staged a remarkable comeback by keeping virus numbers in check which has allowed businesses to reopen with confidence. "Today’s numbers show Australia’s recovery is becoming more broad-based," Deloitte's Kolding said. "Families are spending locally, and businesses continue to invest, making the most of record low interest rates and tax offsets," Kolding added.
Persons: Loren Elliott Australia’s, Kristian Kolding, Deloitte's Organizations: REUTERS, Australian Bureau of Statistics, Deloitte, European, United, Reserve Bank of Australia, ANZ, Thomson Locations: Sydney, Australia, United Kingdom, United States, Deloitte's Kolding, Kolding, Melbourne
The economy expanded by a real 1.8% in the three months to March, data from the Australian Bureau of Statistics (ABS) showed on Wednesday. The better-than-forecast figures pushed Australia's benchmark share index (.AXJO) to record highs while supporting the local dollar near a one-week top. But the A$2 trillion economy has since staged a remarkable comeback by keeping virus numbers in check which has allowed businesses to reopen with confidence. "Families are spending locally, and businesses continue to invest, making the most of record low interest rates and tax offsets," Kolding added. "Underpinning all of that is continued strength in jobs numbers," Kolding added.
Persons: Loren Elliott, Kristian Kolding, Deloitte's, Josh Frydenberg Organizations: REUTERS, Australian Bureau of Statistics, Deloitte, European, United, Reserve Bank of Australia, Analysts, ANZ, Victoria, KPMG, Thomson Locations: Sydney, Australia, United Kingdom, United States, Deloitte's Kolding, Kolding, Melbourne
FILE PHOTO: Pedestrians walk past the main entrance to the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, October 3, 2016. [nL3N2NJ0VA]The Reserve Bank of New Zealand (RBNZ) last week hinted at the end to a pandemic-era, ultra-loose monetary policy, leading some to believe the RBA would venture on that path too. The RBA also repeated it will not raise interest rates until inflation was “sustainably” within its 2-3% target band. Under its central scenario, underlying inflation is seen below the mid-point of that range through mid-2023. Separate figures showed Australia’s home value index jumped 10.6% in May from a year ago to clock its strongest annual growth rate in almost 11 years.
Persons: David Gray, Philip Lowe, ” Lowe, , , Shane Oliver, that’s, Su, Lin Ong Organizations: SYDNEY, Reserve Bank of Australia, REUTERS, David Gray The Reserve Bank of Australia, Zealand, Reserve Bank of New Zealand, RBC Locations: Sydney, Australia, Victoria
Australia central bank holds rates as economy charges ahead
  + stars: | 2021-06-01 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +4 min
FILE PHOTO: Pedestrians walk past the main entrance to the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, October 3, 2016. The RBA also repeated it will not raise interest rates until inflation was “sustainably” within its 2-3% target band. Under its central scenario, underlying inflation is seen below the mid-point of that range through mid-2023. Separate figures showed Australia’s home value index jumped 10.6% in May from a year ago to clock its strongest annual growth rate in almost 11 years. Key to watch will be unemployment heading to 4% and wages growth heading above 3%.”The unemployment rate is at 5.5% currently while wage growth is crawling at an anaemic 1.5% pace.
Persons: David Gray, Philip Lowe, ” Lowe, , , Shane Oliver, that’s, , Su, Lin Ong Organizations: SYDNEY, Reserve Bank of Australia, REUTERS, David Gray The Reserve Bank of Australia, Zealand, Reserve Bank of New Zealand, Bank, ANZ, RBC Locations: Sydney, Australia, Victoria
LONDON/SYDNEY (Reuters) - World stocks clung close to record highs on Thursday as investors weighed inflation concerns ahead of key U.S. economic data, while oil prices rose for a third straight session. In Japan, the Nikkei share average rose 0.4%, while Australian shares climbed to all-time highs as investors cheered stronger-than-expected economic growth data released on Wednesday. A weekly U.S. unemployment report and May private payrolls data on Thursday will be followed by the monthly jobs numbers on Friday. Investors will be looking for signs of an economic rebound and rising inflation. [L5N2NL1IG]In the U.S., 10-year Treasury yield were also steady ahead of the U.S. economic data release.
Persons: Neil Hall, Germany’s DAX, , Oliver Jones, ” Jones, Larry Fink, Patrick Harker, Christine Lagarde, Brent Organizations: London Stock Exchange, REUTERS, Neil, CAC, Nikkei, Capital Economics, , , Investment, BlackRock, Philadelphia Fed Bank, Treasury, European Central Bank, Wednesday Locations: SYDNEY, London, Britain, Europe, Asia, Pacific, Japan, COVID, United States, China, Australia, U.S
Australia's home prices surge, adding challenges for dovish RBA
  + stars: | 2021-06-01 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +2 min
Australian home prices surged in May while approvals to build new houses reached record highs, helped by super-low rates, adding yet another challenge for the country's central bank, which wants to keep rates low until inflation revives. Separate figures from the Australian Bureau of Statistics (ABS) showed approvals to build private houses skyrocketed 67.4% in April from a year ago while total dwelling approvals soared nearly 40%. Record low borrowing rates together with a government "HomeBuilder" incentive has pushed up housing demand, which is likely to extend despite the conclusion of the fiscal scheme. Yet, exports looked likely to detract 0.6 percentage points from March quarter GDP led by solid import volumes. Importantly, business inventories climbed 2.1% confounding expectations for a 0.2% increase and implying a 0.7 percentage point contribution to GDP.
Persons: Stephen Miller Organizations: Australian Bureau of Statistics, Reserve Bank of Australia, Zealand, Thomson
Australia c.bank holds rates as economy bolts ahead, A$ slips
  + stars: | 2021-06-01 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
Pedestrians walk past the main entrance to the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, October 3, 2016. The Reserve Bank of Australia (RBA) left its policy settings at 0.1% for a sixth straight meeting, awaiting inflation and wage pressures, in a decision that was widely expected by economists in a Reuters poll. read moreThe RBA also repeated it will not raise interest rates until inflation was "sustainably" within its 2-3% target band. read moreSeparate figures showed Australia's home value index jumped 10.6% in May from a year ago to clock its strongest annual growth rate in almost 11 years. The unemployment rate is at 5.5% currently while wage growth is crawling at an anaemic 1.5% pace.
Persons: David Gray, Philip Lowe, Lowe, Shane Oliver, Su, Lin Ong Organizations: Reserve Bank of Australia, REUTERS, Zealand, Reserve Bank of New Zealand, RBC, Thomson Locations: Sydney, Australia, Victoria
REUTERS/Sandra SandersAustralia's second most populous state of Victoria, the epicentre of the country's latest coronavirus hotspot, reported 11 new cases of community transmission on Monday, taking the current cluster to 51. Victoria went into a strict seven-day lockdown on Friday after new COVID-19 infections in the state capital Melbourne ended its three-month run of zero community cases. The swelling numbers have raised questions over whether the lockdown will be extended beyond the seven days announced initially. The situation was "incredibly serious" and the next few days will be critical, Merlino added. The country has ranked among the top 10 in a COVID-19 performance index for its successful handling of the pandemic.
Persons: Sandra Sanders Australia's, Victoria, James Merlino, Merlino Organizations: REUTERS, Melbourne, Thomson Locations: Victoria, Melbourne, Australia, India
A sign advertising available positions outside The Salty Whale & Guesthouse in Manasquan, New Jersey, U.S., May 25, 2021. But a smaller pool of foreign workers due to the closure of international borders means hospitality staff are highly sought. With unemployment at 16%, the hospitality sector has not so far raised any concerns about a lack of staff. While still 13% below Memorial Day 2019, the weekend kicks off a summer that may look and feel increasingly normal. Ordinarily that would be music to the ears for Schlossbach in New Jersey, but she doesn't have the staff to keep up.
Persons: Joseph Ax, Marilyn Schlossbach, Schlossbach, Annastacia Palaszczuk, Clare Smyth, Vicki Clark, Clark, massages Organizations: REUTERS, U.S, Memorial, Queensland, Michelin, of Commerce, U.S . State Department, Asbury, Jersey, AAA, Transportation, Administration, Major League Baseball, Thomson Locations: Manasquan , New Jersey, U.S, New Jersey, Jersey, Queensland, Australia, Britain, Western Europe, North America, Europe, May County, Spain, Greece, Long, Pleasant Beach, Jersey Shore
Asian shares step back from two-week highs, dollar firm
  + stars: | 2021-05-27 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
SYDNEY (Reuters) - Asian shares retreated from two-week highs on Thursday and China started on the backfoot on fears central banks were closer to considering winding back their emergency stimulus while the dollar held at a one-week top. Chinese shares started weaker with the blue-chip index off 0.2%. The dollar index was at a one-week top of 90.152. The euro fell to $1.2173, falling for a second straight session after the European Central Bank’s (ECB) Executive Board’s Director, Fabio Panetta said it was too early to taper its emergency bond buying programme. In commodities, gold prices fell below $1,900 per ounce, its appeal dimmed by a rebounding dollar and U.S. Treasury yields.
Persons: Kim Kyung, Richard Clarida, , Stephen Miller, , Jerome Powell, Randal Quarles, ” Miller, Dow, Fabio Panetta, Brent Organizations: SYDNEY, REUTERS, Japan’s Nikkei, Global, Federal, Fed, Nasdaq, Bank’s, New Zealand, U.S, Treasury Locations: China, Tokyo, Japan, Asia, Pacific
Asian shares near two-week highs, dollar firm ahead of U.S. data
  + stars: | 2021-05-27 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
SYDNEY (Reuters) - Asian shares reversed early losses on Thursday and hovered near two-week highs while the dollar held at a one-week top as investors awaited key U.S. data to gauge whether inflationary pressures were transient or signalled a more durable turn. In a sign of a tentative start for overseas markets, Eurostoxx 50 futures, futures for Germany’s DAX and those for London’s FTSE were all flat in late Asian trading. Chinese shares, which had started in the red turned around in late afternoon session with the blue-chip index up 0.3%. The dollar index rose to a one-week top of 90.152. In commodities, gold prices hovered near $1,900 per ounce, after hitting its highest since Jan. 8 at $1,912.50.
Persons: Kim Kyung, Germany’s DAX, Richard Clarida, Randal Quarles, Europe we’ve, Fabio Panetta, Brent Organizations: SYDNEY, REUTERS, FTSE, Japan’s Nikkei, Global, Federal, Fed, U.S, JPMorgan, Bank’s, New Zealand Locations: Tokyo, Japan, Asia, Pacific, Europe
Inflation questions keep stocks in check
  + stars: | 2021-05-27 | by ( Tom Wilson | Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
LONDON/SYDNEY (Reuters) - World stocks were pinned down on Thursday as investors awaited U.S. data expected to offer clues on inflation, with further pressures widely seen as sparking a scaling back of central banks’ giant stimulus packages. “We still believe inflation will not be transient, but will persist - this is where I think we differ with central banks,” said Jeremy Gatto, a portfolio manager at Unigestion. For many investors, rising inflation means the U.S. Federal Reserve will slowly but surely edge towards a discussion about tightening monetary policy. With tapering on the agenda, the U.S. dollar index held on to Wednesday’s gains and was steady at 89.992. The Chinese yuan hit a three-year high as China’s central bank kept to the sidelines.
Persons: Kim Kyung, , , Jeremy Gatto, Richard Clarida, Randal Quarles, Shaniel Ramjee, Fabio Panetta Organizations: REUTERS, France, British, HSBC, Wall, U.S . Federal, Japan, . Federal, U.S, Pictet Asset Management, Central Bank’s, New Zealand, Reserve Bank of New Locations: SYDNEY, Tokyo, Japan, Asia, Unigestion, Pacific, Reserve Bank of New Zealand
Asian shares step back from 2-wk highs, dollar firm
  + stars: | 2021-05-27 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +3 min
Asian shares retreated from two-week highs on Thursday and China started on the backfoot on fears central banks were closer to considering winding back their emergency stimulus while the dollar held at a one-week top. Chinese shares started weaker with the blue-chip index (.CSI300) off 0.2%. Overnight, the Fed Vice Chair for supervision, Randal Quarles, suggested that at some stage it will become important for the Fed to discuss plans to tighten its asset purchase programme. The dollar index was at a one-week top of 90.152. In commodities, gold prices fell below $1,900 per ounce, its appeal dimmed by a rebounding dollar and U.S. Treasury yields.
Persons: Richard Clarida, Stephen Miller, Jerome Powell, Randal Quarles, Miller, Dow, Fabio Panetta, Brent Organizations: Japan's Nikkei, Global, Federal, Fed, Nasdaq, Bank's, New Zealand, U.S, Treasury, Thomson Locations: China, Asia, Pacific, Japan
In response, the New Zealand dollar jumped 1% to as high as $0.7308, a level not seen since Feb. 26. The central bank retained its large scale asset purchase (LSAP) programme at NZ$100 billion ($72.18 billion) while leaving the Funding for Lending Programme (FLP) unchanged. New Zealand’s economic growth has also been helped by a jump in the prices of key commodities, particularly dairy. The RBNZ, however, was in no hurry to raise rates until its inflation and employment targets are met, pointing out that domestic economic recovery was still uneven. Members reinforced their preference to maintain current policy settings until they were confident that inflation and employment objectives would be met, the minutes showed.
Persons: , , Nathaniel Keall, Praveen Menon, Renju Jose, Wayne Cole, Swati Pandey, Sam Holmes Organizations: Reserve Bank of New Zealand, New Zealand, Programme, , ASB, Zealand Locations: WELLINGTON, Australia
The hawkish stance contrasts with persistently dovish comments from the U.S. Federal Reserve and the neighbouring Reserve Bank of Australia, which has said there would be no rate rises until 2024 at the earliest. The Reserve Bank of New Zealand (RBNZ) held rates at a record low 0.25%, but said it sees at least one 25 basis point rate hike by September 2022. “The Reserve Bank of New Zealand is calling time,” said ANZ Chief Economist Sharon Zollner. “Thus a rate hike in 22H2 remains a risk, but our base case is still for a hike in Q1 2023,” Citibank said in a note. ($1 = 1.3854 New Zealand dollars) (Reporting by Praveen Menon, Renju Jose, Wayne Cole and Swati Pandey; Editing by Sam Holmes)
Persons: Orr’s, Adrian Orr, , Sharon Zollner, ” Orr, Jacinda Ardern’s, Praveen Menon, Renju Jose, Wayne Cole, Swati Pandey, Sam Holmes Organizations: U.S . Federal Reserve, Reserve Bank of Australia, Reserve Bank of New Zealand, New Zealand, Reserve Bank of New, ANZ, Bank, Programme, Citibank, Jacinda Ardern’s Labour, Zealand Locations: WELLINGTON, Reserve Bank of New Zealand, New Zealand, Canada, Norway, Australia, 22H2
In the decade since the global financial crisis, wage growth around the world was struggling to recover even before COVID-19 lockdowns last year pushed it down still further in many countries, according to the International Labour Organization. In the United States, Federal Reserve officials argue that healthy wage growth will be perhaps the most important signal that labor markets are on the mend. SPARING THE CONSUMERAs with the United States and Australia, Britain is seeing labor shortages emerge as its vaccine-fuelled economic recovery gets underway. Adjusting for this, it estimates pay growth is around 2.5% - close to its long-run average. Assuming developed economies continue to recover, it cannot be ruled out that wage pressures will grow as demand for labor grows.
Persons: Charles Platiau, Daniel Gschwind, Mike Kelly Organizations: REUTERS, Queensland Tourism Industry, International Labour Organization, Federal Reserve, Fed, IHS, National Statistics, Volkswagen, Metall, European Central Bank, Bank of Japan, World Trade Organisation, PineBridge Investments, Thomson Locations: Paris, France, Queensland, United States, Australia, Britain, Europe's, Japan, China
Australian dollar rises after April jobs data, NZ$ gains
  + stars: | 2021-05-20 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +2 min
SYDNEY, May 20 (Reuters) - The Australian dollar climbed on Thursday after labour force data showed a faster-than-expected decline in unemployment in April, while the New Zealand dollar gained as well. Analysts were circumspect about whether the tightness in the labour market would spur faster pay hikes and consumer prices. ANZ expects the unemployment rate to fall to 4.8% by end-2021 and 4.4% by end-2022. The New Zealand dollar was up 0.1% at $0.7182. Australian government bond futures rose, with the three-year bond contract and the 10-year contract up 1.5 ticks each at 99.755 and 98.30, respectively.
Persons: Shane Oliver, it’s, Christian Schmollinger Organizations: SYDNEY, Australian, New Zealand, Reserve Bank of Australia, ANZ Banking Group, ANZ, AMP, Zealand, P Global Locations: Zealand
Australia, NZ dollars in tight bands awaiting clues on inflation
  + stars: | 2021-05-18 | by ( Swati Pandey | ) www.reuters.com + 0.00   time to read: +2 min
It has traded in a $0.7675/$0.7891 range since mid-April with support coming from high commodity prices though a dovish central bank is restraining the currency. In Australia, data due on Wednesday will likely show first-quarter wage growth stuck around 1.4%, half what the country’s central bank says is needed to spark inflation. The Reserve Bank of Australia (RBA) believes full employment, the level where the labour market is tight enough to generate wage pressure, could be around 4% or lower. “Most central banks – including the Reserve Bank of Australia – are of the view that any up-tick in inflation will only be temporary. New Zealand government bonds slipped, sending yields about 1.5 basis points higher across the yield curve.
Persons: Robert Kaplan, Kristiaan, Sam Holmes Organizations: SYDNEY, New, New Zealand, Reserve Bank of Australia, Federal Reserve, Dallas Fed, , Kardinia Capital Locations: New Zealand, Australia, United States, U.S
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