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NZ Unemployment rate jumps.

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

11:00 AM (NZT) NZ employment numbers just released showed a -.5% decline in employment growth on the Qtr , producing an increased Unemployment rate of 6.8%. The NZD was sold aggressively on the release of this, being off between .5 and .7% against its major trading partners. It will be interesting to see if we get a follow through from this selling as the Asian market comes to life over the next few hours. Please note that liquidity will be reduced as we head into Chinese New Year market conditions.
Overnight the markets consolidated on the gains in the 24hours previous. Both the NZD and AUD gave up some ground unsurprisingly. The AUD conceding the more given the concerns about the cyclone hitting Queensland. The GBP was buoyed by hawkish talk from voting members of its Monetary Policy Committee and the EURO was supported by more concrete evidence that a more flexible EFSF with be able to deal with distressed Euro-zone member debt should it arise.
In the US , there was more positive numbers coming from a private employment report buoying hopes for a positive number from the official Non-Farm Payrolls number due on Friday. Overall positive numbers in the US will generally see the USD weaken as investors are more inclined to chase growth prospects associated with the commodities driven currencies and emerging markets. Expect ranges to remain relatively small ahead of the Employment numbers in the US.
          Last 24 hours trade
  Current level Pre-RBA Chge since RBA   Low High
NZD/USD 0.7739 0.7775 -0.5%   0.7778 0.7826
AUD/USD 1.0095 1.0084 0.1%   1.0056 1.0135
NZD/AUD 0.7672 0.7719 -0.6%   0.7707 0.7755
AUD/NZD 1.3034 1.2955 0.6%   1.2894 1.2975
NZD/GBP 0.4780 0.4808 -0.6%   0.4808 0.4843
NZD/EUR 0.5605 0.5640 -0.6%   0.563 0.5663
NZD/JPY 63.12 63.47 -0.6%   63.41 63.78
NZD/CAD 0.7647 0.7697 -0.7%   0.7685 0.7747