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Tech & Science Australia, New Zealand dollars drift off, data continue to diverge

06:20  11 december  2019
06:20  11 december  2019 Source:   reuters.com

Play begins on NZ-England Test final day

  Play begins on NZ-England Test final day A drawn second Test and series win over England is on the cards for New Zealand as clouds gathered over Hamilton on the final day.Play began on time on the final day on Tuesday but a forecast of heavy rain in Hamilton from lunchtime is set to scupper England's already slim hopes of a win.

The Australian and New Zealand dollars edged lower on Wednesday in very quiet trade as the Sino-U.S. trade dispute showed every sign of dragging Register now Want to hold off on improving your. The New Zealand Dollar was sold as traders were taken by surprise when fourth-quarter GDP data

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New Zealand and Australia one dollar coins are seen in a picture illustration© Reuters/David Gray New Zealand and Australia one dollar coins are seen in a picture illustration

The New Zealand dollar pared some recent gains on Wednesday as profit-taking overshadowed upbeat data and the promise of fiscal stimulus, while its Australian counterpart was saddled with another poor reading on local consumption.

The Aussie was stuck at $0.6812, having slipped further away from its recent peak at $0.6862. Immediate support lies around $0.6800. The kiwi dollar drifted off to $0.6527 and really needs to break last week's four-month top of $0.6576 to regain momentum.

New Zealand's government on Wednesday trimmed its forecasts for economic growth in a mid-year budget review, and also announced an NZ$12 billion (AUD$11.52b) increase in infrastructure spending to be funded partly by new borrowing.

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* New Zealand dollar surges to four-month high. SINGAPORE, Dec 6- The dollar headed for its worst week since October on Friday, dragged down by nervousness on trade and hints of weakness in the U.S. economy, with domestic factors leaving the resurgent kiwi and British pound the main

"The highlight was a substantial lift in planned capital spending," said Westpac economist Dominick Stephens. "However, this is planned over a period of many years."

"That is a wise way for the government to run its infrastructure programme, but it means the impact on the economy will be smaller than more front-loaded spending might have been."

Domestic data continued its impressive run with retail spending on electronic cards jumping a surprisingly strong 2.6% percent in November, from the previous month.

Spending was boosted by global sales events, including Black Friday, but also extended to groceries and hospitality.

The mood was exactly the opposite in Australia, where a survey showed consumer sentiment had taken a turn for the worse amid worries about the economic outlook and family finances.

Analysts nudge up forecasts for Aussie dollar, Kiwi already ahead - Reuters poll

  Analysts nudge up forecasts for Aussie dollar, Kiwi already ahead - Reuters poll Analysts nudge up forecasts for Aussie dollar, Kiwi already ahead - Reuters pollAnalysts polled by Reuters see the Aussie at $0.6800 in one and three months, up a cent from last month's poll and in line with its current $0.6830 reading.

NZD - New Zealand Dollar . OMR - Omani Rial. PAB - Panamanian Balboa. The dollar has been trading mixed so far today, edging out a new high versus the euro and Swiss franc, holding firm against the yen, but losing ground to the pound and Canadian dollars .

NZD - New Zealand Dollar . OMR - Omani Rial. PAB - Panamanian Balboa. Our currency rankings show that the most popular Fiji Dollar exchange rate is the FJD to AUD rate. The currency code for Dollars is FJD, and the currency symbol is $.

The Westpac/Melbourne Institute index of consumer sentiment fell 1.9% in December, to be down a hefty 8.9% from a year earlier.

Unhappily for retailers the index of whether it was a good time to buy a major household item fell 2.1% in the month, suggesting any extra cash from lower interest rates and tax rebates was still being saved rather than spent.

"The consumer clearly needs more support with interest rate cuts and moderate tax cuts not providing enough of a boost given soft wages growth. More tax cuts would be ideal," said Diana Mousina, an economist at AMP Capital.

"In the absence of fiscal stimulus we expect more rate cuts from the Reserve Bank, with a 25 bps cut in both February and March taking the cash rate to the lower bound of 0.25%."

Markets currently imply around a 54% chance of an easing in February <0#YIB:>.

Australian government bond futures eased in line with a dip in U.S. Treasuries overnight. The three-year bond contract lost 2.5 ticks to 99.280, while the 10-year contract fell 4 ticks to 98.8525.

(Editing by Jacqueline Wong)

Australian government to borrow A$55 bln in year to 2020 .
Australian government to borrow $55 billion in year to 2020That was down slightly from the A$58 billion previously planned, and followed the government's mid-year fiscal and economic outlook released on Monday.

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