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NZ Employment numbers disappoint

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

11:20PM (NZT) The just released NZ employments numbers were  a little worse than expected, with the unemployment rate climbing to 6.6% from 6.5%, and against a market expectation of 6.4%.
 
The NZD has weakened across the board after the data was released, and continues on the weakness seen so far this week as the Greek tragedy continues to unfold in Europe.
 
In markets offshore the volatility remains high. Greek PM Papandreou’s call for a referendum on the Greek bailout caused major uncertainty in markets. It would now appear that the referendum will proceed and essentially be a referendum on Euro-zone membership, as a failure to accept the bailout will see Greece exit from the Euro and fall into debt default. Should this play out there will be large implications for the Euro-zone and the wider global economy. There is also a confidence vote in parliament this Friday, adding to the uncertainty. The Greek PM is going to Cannes to meet with German and French officials ahead of the scheduled G20 summit this weekend. The EU and IMF have already stated there will be no funds given to Greece ahead of the referendum.
 
Meanwhile, to complicate matters, the FED has released its latest monetary policy decision. It left monetary policy unchanged and was a little more upbeat than expected about recent movements in the economy. Unfortunately their downward revisions of growth and employment forecasts going forward mean that another round of quantitative easing remains a real prospect. This has meant that the US dollar will no doubt lock horns with the EUR in the ugly stakes in the coming months.
 
The volatility will no doubt continue in the coming months into the end of 2011.

          Past 24 hours
  Current level Pre-NZ Employ  % Chge since NZ Employ   Low  High
NZD/USD 0.7880 0.7915 -0.44%   0.7863 0.7981
AUD/USD 1.0344 1.0342 0.02%   1.0277 1.0428
NZD/AUD 0.7617 0.7653 -0.47%   0.7613 0.7690
AUD/NZD 1.3129 1.3067 0.47%   1.3004 1.3135
NZD/GBP 0.4940 0.4963 -0.47%   0.4934 0.4984
NZD/EUR 0.5732 0.5760 -0.49%   0.5714 0.5804
NZD/YEN 61.54 61.80 -0.42%   61.41 62.38
NZD/CAD 0.7993 0.8026 -0.41%   0.7985 0.8114
 

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