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SYDNEY, July 6 (Reuters) - The New Zealand dollar popped higher on Tuesday as a strikingly strong survey of business conditions and price pressures led investors to wager a hike in interest rates could come as early as November this year, sending bonds reeling.
The marked shift in pricing came just before the Reserve Bank of Australia (RBA) is expected to tinker with its massive stimulus programme, though markets still see little chance of a rate rise until late 2022.
The kiwi dollar climbed 0.7% to $0.7076 after the closely-watched New Zealand Institute of Economic Research (NZIER) survey of business showed a marked pick up in activity.
Australia dlr firms as RBA trims bond buying, NZ$ jumps on rate wagers
07/06/2021 | 01:17am EDT
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SYDNEY, July 6 (Reuters) - The Australian dollar firmed on
Tuesday after the country s central bank said it would pare the
pace of its bond buying campaign from September, but reiterated
a hike in rates was not on the cards until 2024.
The New Zealand dollar had already popped higher as a
strikingly strong survey of business conditions led investors to
wager a hike in rates could come as early as November this year.
The Aussie was up 0.5% at $0.7564 as the Reserve
Oceans and Fisheries Minister David Parker.
Photo: RNZ/ Dom Thomas
Oceans and Fisheries Minister David Parker said Covid-19 border restrictions had highlighted the sector s vulnerability due to its reliance on migrant labour.
That had sped up industry and government efforts to increase New Zealanders participation in the sector.
It is estimated the peak number of migrant workers in the sector in the year ending March 2019 was about 1850 (20 percent) although there are likely to be fewer now. Some businesses in the sector have reduced their reliance on migrant workers since border restrictions were imposed, but some deep sea vessels in particular are still 100 percent foreign-crewed.
Minister for Oceans and
Fisheries
Oceans and Fisheries Minister David Parker
today announced a ministerial inquiry into the use and
allocation of migrant labour in the seafood
sector.
“The inquiry will focus on the sector’s
reliance on migrant labour, and how to transition it away
from that reliance. It will also examine how to accelerate
efforts to attract more New Zealanders into rewarding jobs
in the seafood sector,” David Parker said.
“It
will take in all commercial seafood activities, including
deep-sea fishing, inshore fishing, aquaculture activities,
and seafood processing.”
David Parker said Covid-19
border restrictions had highlighted the sector’s
Press Release – New Zealand Government
Oceans and Fisheries Minister David Parker today announced a ministerial inquiry into the use and allocation of migrant labour in the seafood sector.
Hon David Parker
Minister for Oceans and Fisheries
Oceans and Fisheries Minister David Parker today announced a ministerial inquiry into the use and allocation of migrant labour in the seafood sector.
“The inquiry will focus on the sector’s reliance on migrant labour, and how to transition it away from that reliance. It will also examine how to accelerate efforts to attract more New Zealanders into rewarding jobs in the seafood sector,” David Parker said.