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NZ Unemployment rate climbs.

Written by Sam Coxhead on May 3rd, 2012.      0 comments

11:35 PM (NZT) The just released unemployment figures show a jump in the headline unemployment rate from 6.3% to 6.7%. But the number is not quite as negative as it appears. There were actually 9,000 more jobs created in the quarter, but the numbers looking for work  also increased,  and were the highest level for 3years.
 
The NZD was sold across the board after the release, but has bounced from the lows. This number is unlikely to see a material change in stance from the RBNZ in the short term.
 
The mood in offshore markets was one of reasonably strong risk aversion. European concerns and a downbeat private jobs survey in the US leading market sentiment lower.
 
The upshot has been a stronger US dollar and YEN, and lower interest rates. The EURO has been under some pressure, along with the obvious victims in times of risk aversion, the NZ and Australian dollars.
 
US employment numbers tomorrow dominate the landscape in the short term. There is a reasonable correlation between today’s weak US private employment survey and the official number, so expect the market to remains nervous ahead of that release. Golden week continues in Asia, so global volumes are lower, and moves accentuated at times.
 
          Past 24 hours
  Current level Pre-EMPLY  % Chge since NZ EMPLY   Low High
NZD/USD 0.8080 0.8090 -0.12%   0.8034 0.8155
AUD/USD 1.0317 1.0324 -0.07%   1.0279 1.0355
NZD/AUD 0.7832 0.7836 -0.05%   0.7807 0.7879
AUD/NZD 1.2768 1.2762 0.05%   1.2692 1.2809
NZD/GBP 0.4988 0.4995 -0.14%   0.4979 0.5020
NZD/EUR 0.6145 0.6150 -0.08%   0.6124 0.6184
NZD/YEN 64.75 64.82 -0.11%   64.36 65.60
NZD/CAD 0.7973 0.7985 -0.15%   0.7925 0.8036
Topics: NZ Unemployment rate, NZD
 

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