New Zealand jobs data puts a marginal bid into NZD
|The New Zealand Employment Change that is released by Statistics New Zealand as a measure of the change in the number of employed people in New Zealand has put a slight bid into the kiwi, with the headline data beating expectations:
New Zealand's Unemployment Rate remained unchanged at 3.3 % in the third quarter. Economists polled by Reuters had forecast an unemployment rate of 3.2 % and employment growth of 0.5 %.
- Unemployment rate 3.3 % (Reuters poll 3.2 %)
- Third quarter jobs growth +1.3 % QoQ (Reuters poll +0.5 %)
- Participation rate 71.7 % (Reuters poll 71.0 %)
NZD/USD has risen from a low of 0.5835 to a session high of 0.5846.
Why it matters to traders?
Statistics New Zealand releases employment data on a quarterly basis. The statistics shed a light on New Zealand’s labour market, including unemployment and employment rates, demand for labour and changes in wages and salaries. These employment indicators tend to have an impact on the country’s inflation and the Reserve Bank of New Zealand’s (RBNZ) interest rate decision, eventually affecting the NZD. A better-than-expected print could turn out to be NZD bullish.
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