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NZ 2nd Quarter Employment figures steady

Written by Sam Coxhead on August 4th, 2011.      0 comments

11:02 AM (NZT) The just released 2nd quarter employment numbers show a steady Unemployment rate of 6.5% and this was bang on the market’s expectations. The NZD has seen a small amount of appreciation across the board since the release. Of course the most movement has been against the AUD, which is the most liquid cross rate for the NZD, and most actively traded by investors.
Both Australasian currencies have been under pressure this week, especially the AUD. The Australian interest rate market has seen carnage since the RBA decision to leave the cash rate unchanged . The market has moved to price in almost two cuts to the cash rate by the end  of the year, and tomorrows quarterly Monetary Policy Statement will be as closely watched as any before.
In offshore markets the recent  risk aversion seems to be stablising for the time being. US equities managed to close pretty much flat on the day after recovering from the lows. Intense focus remains on the European debt situation with the Spanish and Italians remaining under the spotlight. Reported Chinese buying of Spanish bonds has helped calm fears in the short term. Further afield, the Japanese and Swiss are giving great lip service on efforts to stem the strength of their currencies, the safe haven demand for both is causing major effects on their domestic economies. The Swiss are intending to flood the money market with 3month CHF in an effort to push 3month interest rates close to zero, with the intent to weaken demand for the CHF.
          Past 24 hours
  Current level Pre-NZ Employment  % Chge NZ Employment   Low High
NZD/USD 0.8658 0.8649 0.10%   0.8576 0.8679
AUD/USD 1.0759 1.0772 -0.12%   1.0679 1.0786
NZD/AUD 0.8047 0.8026 0.26%   0.8006 0.8068
AUD/NZD 1.2427 1.2460 -0.26%   1.2395 1.2491
NZD/GBP 0.5270 0.5262 0.15%   0.5243 0.5311
NZD/EUR 0.6035 0.6025 0.17%   0.6018 0.6087
NZD/YEN 66.76 66.75 0.01%   66.11 67.00
NZD/CAD 0.8324 0.8312 0.14%   0.8245 0.8326