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NZ employment numbers showed mixed picture

Written by Sam Coxhead on February 9th, 2012.      0 comments

11:29 AM (NZT) The just released NZ 4th quarter 2011 employment numbers show a mixed picture. The overall unemployment rate dropped from 6.6% to 6.3% , but the number of employed also fell by 7,000. These does not alter the labour market outlook by much, as much of the reduced unemployment rate was accounted for by the 20-24 age bracket choosing to study, and the 65+ bracket leaving the work force.
The NZD initially saw demand after the headline unemployment number was released by quickly gave up those gains and a little more as the core of the data was digested.
Overall risk assets were a little lower overnight after initially seeing demand. Ongoing uncertainty surrounding the ECB involvement in the proposed Greek debt swap making the market weary.
Later on today the market will focus on the Bank of England (BOE) and European Central Bank (ECB) monetary policy announcements. Most likely the BOE will increase their quantitative easing (QE-print of money to buy UK binds to lower longer term interest rates) program of 50biliion GBP.
Apart from that the weary focus remains on efforts by European officials to cobble together an agreement that will enable Greece to receive they next tranche of bailout funding.
          Past 24 hours
  Current level Pre-NZ Emply  % Chge since NZ Employ   Low High
NZD/USD 0.8343 0.8355 -0.14%   0.8307 0.8407
AUD/USD 1.0796 1.0802 -0.06%   1.0764 1.0847
NZD/AUD 0.7725 0.7737 -0.16%   0.7714 0.7749
AUD/NZD 1.2945 1.2925 0.16%   1.2905 1.2963
NZD/GBP 0.5275 0.5281 -0.11%   0.5244 0.5296
NZD/EUR 0.6291 0.6300 -0.14%   0.6277 0.6331
NZD/YEN 64.25 64.35 -0.16%   64.00 64.70
NZD/CAD 0.8310 0.8320 -0.12%   0.8295 0.8356