Here's my summary of the key news overnight in 90 seconds at 9 am, including news of a bump in the road for US jobs.
The news generally over the summer break has been positive, although that run came to an end on Saturday.
The latest US non-farm payrolls report, the first of the year, came with big disappointment. The earlier, non-official private ADP-Moodys report had suggested US December payroll growth was strong, very strong. But the official data was the reverse. These surveys do jump around a bit, so markets are treating the reading cautiously. As is the Fed, it appears.
However, it was enough to push the gold price higher, towards US$1,250/oz. Most other benchmarks reacted little, but the US Treasury fell quite sharply. It was almost touching 3% before the news, but fell back to 2.86%.
At the Fed, Janet Yellen is the new boss, replacing Ben Bernanke. The White House announced over the weekend that Stanley Fischer, the ex Bank of Israel governor, will be appointed as her deputy.
In China, their December trade surplus result was out on Saturday and was smaller than expected. but still large. Exports rose far slower than imports, compared with the same month a year earlier. Their officials focused on the year-on-year result shying away from the recent slowdown in exports as domestic costs rise quickly.
The NZ dollar starts today at 83.0 USc, 92.4 AUc, and the TWI is at 78.3 - all quite similar to where they left off just before Christmas.
If you want to catch up with all the changes over the past three weeks, we have an update here.
The easiest place to stay up with today's event risk is by following our Economic Calendar here »
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13 Comments
Big miss on the US jobs number. Does anyone know when NZ Q4 inflation is due?
Mike - next NZ CPI release is 21st Jan
Good to have you back again for the year David.
From across the ditch
So now the Israeli's have control of the Fed.......watch the 2iC to Yellen.......won't be pro print infinitas, just not his think on it.....and believe me he'll be pulling the strings there, wanted the IMF top job at the departure of Sleezo but was two years too old.....so he'll be lining Yellen up or feeding her the necessaries......just what is Obama's angle here not quite sure but Fischer likes a tight ship...I mean real tight.
[ deleted as racial sterotyping. You are better than that. Ed ]
Was that something to do with Gnomes Iconoclast?
If an Israeli is a Christian then would he be labelled a jew because of where he comes from?
I come from NZ therefore I must be maori?
Mr s.k. You Sir need do your reading on Fischer, former governor of the reserve bank of Israel, not born in Israel but went there to study Hebrew on a kabutz, obtained a scholarship in England in finance and banking returned to Israel to swear in as a citizen , holds dual citizenship in the U.S even though the Israeli requirement at that time was to give up his U.S. Citizenship. Born in Southern Rhodesia.
Was the marking principal of Ben Bernanke's Theseus among others .....this man has been around and around again..
Your being born in N.Z. Does not a Maori make you, a true sense of belonging to a culture physically and spiritually can make you an Israeli regardless of your birthplace.
I doubt Marori would see you as other than a land thief descendant.
And they are not? Im responsible for my forbearers actions and others are not?
Why did you assume SK was born in NZ? Not so sure that he was. The question was rhetorical
Actually, I think he was born in Mazabuka, Zambia (when it was known as Northern Rhodesia). In 1943.
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