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New Zealand Labour Cost Index comes in below expectations

Written by Sam Coxhead on May 3rd, 2011.      0 comments

11:00 AM (NZT) Offshore markets were choppy in nature overnight as Japanese and UK holidays meant there were lower than usual levels of liquidity. The positive tone after the news that US nemesis Osama Bin Laden had been killed was short lived and  most markets ended fairly flat at the New York close.
The NZ Labour Cost Index just released showed a .4% increase for the quarter, below the expected .6% increase. This sits well with the more dovish than expected statement from the RBNZ last week. The NZD has drifted off a touch on this release, down around .1% against all trading partners.
The RBA will announce an unchanged cash rate later on today as 2.30PM AEST, but all eyes will be on the accompanying statement as the market expects a more hawkish tone to come through as inflationary pressures build, even with the extremely strong Australian dollar. Interestingly there is a 50% chance of a hike at the August meeting currently priced by the cash rate futures market.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.8054 0.8046 0.8120
AUD/USD 1.0948 1.0922 1.1012
NZD/AUD 0.7358 0.7353 0.7385
AUD/NZD 1.3591 1.3541 1.3599
NZD/GBP 0.4836 0.4827 0.4858
NZD/EUR 0.5433 0.5431 0.5462
NZD/JPY 65.38 65.41 65.88
NZD/CAD 0.7663 0.7637 0.7701