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By Chay Flack (Equities Dealer, CMC Markets Stockbroking)
The Australian market has added 17 points after mixed news from the US.
Social Development Minister Paula Bennett says 157 people across the country have so far taken up the Government’s 3K to Christchurch scheme.
The NZD was whipsawed by a strong US GDP number and a mixed FOMC statement, but remains slightly weaker against the USD at 0.8490.
CURRENCY: The USD will continue to drive currency direction, and we expect it to remain bid as we await payrolls and ISM data on Friday night. US jobless claims and employment costs will dictate direction tonight.
Dairy farmers should pay close attention to farm costs this season, says industry body DairyNZ, in response to the reduced 2014/15 forecast milk price announced yesterday.
"After six long years of working life getting tougher in New Zealand workers have been given a real choice today with the announcement of Labours Industrial Relations policy package." CTU President Helen Kelly said
A Labour government will raise the minimum wage $2 an hour to $16.25 and restore work rights to ensure the benefits of economic growth are shared fairly by all New Zealanders, Labour Leader David Cunliffe says.
The trend for the number of new dwellings consented is at its highest level since August 2007, Statistics New Zealand said today.
The NZD was the worst performing major currency, falling 0.6% against the USD on the back of a lower milk payout forecast and stronger US data. NZD/USD hovers just below the 0.8500 mark this morning.
CURRENCY: Market attention switches to the USD tonight, with Q2 GDP and the FOMC to drive market direction. Markets have been wary of buying USD ahead of tonight's headline risk. If expectations are met, USD should rally.
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