AUD/NZD refreshes four-day high at 1.0970 on downbeat NZ Employment data


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  • AUD/NZD has refreshed its four-day high at 1.0970 as NZ Employment has missed estimates.
  • A decline in labor demand higher jobless rate might trim inflation projections in the NZ region ahead.
  • The Australian Dollar remained highly volatile this week after the release of the downbeat Retail Sales data.

The AUD/NZD pair printed a fresh four-day high at 1.0970 in the early Asian session. The cross strengthens after the release of downbeat New Zealand Employment (Q4) data.  The Employment Change dropped to 0.2% from the expectations of 0.3% and the former release of 1.3%. While the Unemployment Rate has increased to 3.4% from the consensus and the prior release of 3.3%.

Signs of losing threads in the tight labor market of New Zealand indicate that inflation projections will trim further as retail demand may get dents. Meanwhile, the Labor cost index has remained mixed, which will still be a concern for the Reserve Bank of New Zealand (RBNZ). The quarterly Labor cost index has landed at 1.1% lower than the estimates of 1.3% but similar to the prior release of 1.1%. On an annual basis, the economic data has remained in line with the expectations of 4.3% and higher than the 3.8% the prior release.

The interest rate hike spell by the RBNZ Governor Adrian Orr is not paused yet as the Consumer Price Index (CPI) is still beyond 7%. However, lower employment generation might trim inflation projections ahead.

On the Australian front, the Australian Dollar has picked strength on upbeat S&P Global Manufacturing PMI data. The economic data has climbed to 50.0 vs the consensus and the former release of 49.8. This week, the Australian Dollar remained extremely volatile after the release of the downbeat monthly Retail Sales (Dec) data.  Lower retail demand might force the firms to look for easing prices of goods and services at factory gates. This would also delight the Reserve Bank of Australia (RBA) ahead.

For further guidance, the New Zealand Dollar and the Australian Dollar will dance to the tunes of the Caixin Manufacturing PMI (Jan) data, which is seen higher at 49.5 from the former release of 49.0. It is worth noting that the antipodeans are the leading trading partners of China.

AUD/NZD

Overview
Today last price 1.0961
Today Daily Change 0.0049
Today Daily Change % 0.45
Today daily open 1.0912
 
Trends
Daily SMA20 1.0861
Daily SMA50 1.0744
Daily SMA100 1.0944
Daily SMA200 1.1005
 
Levels
Previous Daily High 1.0958
Previous Daily Low 1.0898
Previous Weekly High 1.0986
Previous Weekly Low 1.0757
Previous Monthly High 1.0792
Previous Monthly Low 1.0471
Daily Fibonacci 38.2% 1.0921
Daily Fibonacci 61.8% 1.0935
Daily Pivot Point S1 1.0887
Daily Pivot Point S2 1.0862
Daily Pivot Point S3 1.0827
Daily Pivot Point R1 1.0947
Daily Pivot Point R2 1.0982
Daily Pivot Point R3 1.1007

 

 

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