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The NZ Unemployment rate jumps

Written by Sam Coxhead on November 8th, 2012.      0 comments

11:57 AM (NZT) The much awaited 3rd quarter NZ employment numbers certainly created a stir. The jump in the unemployment rate from 6.8% to 7.3% was significant and came against an average market expectation of a 6.8% number. There certainly seems to be a bit of an anomaly to the number, and as a result I think the 4th quarter numbers now have become more significant. We would certainly have to see a jobs market consolidate at weakened levels to realistically bring a case for an easing from the RBNZ  into play. We are certainly not at that point yet.
The NZD dollar was demonstrably weaker across the board as can be seen below. The weak US equity markets following the Obama win should maintain that pressure also. Corporate America was never to going to particularly happy with an Obama win and that was illustrated today.  At times the FX market was slow in its response to the largest one day fall in stocks in around a year.
On a more positive note the Greek parliament looks to have been able to push through austerity legislation that should see its funding lines maintained for the time being.
In a little under two hours we get the latest Australian employment numbers, to continue what has been an intriguing weeks trade so far.
Currency pair Current level Pre-NZ Empl Percentage change 24 hour range
NZDUSD 0.8179 0.8259 -0.97% 0.8178 0.8309
AUDUSD 1.0403 1.0417 -0.13% 1.0395 1.0474
NZDAUD 0.7867 0.7932 -0.82% 0.7860 0.7938
AUDNZD 1.2711 1.2607 0.83% 1.2598 1.2723
NZDGBP 0.512 0.5167 -0.91% 0.5115 0.5187
NZDEUR 0.6404 0.6470 -1.02% 0.6403 0.6494
NZDJPY 65.42 66.05 -0.95% 65.40 66.74
NZDCAD 0.8157 0.8228 -0.86% 0.8152 0.8240
Topics: NZ Unemployment rate