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Weak NZ labour market numbers send the NZD lower.

Written by Sam Coxhead on February 7th, 2013.      0 comments

11:15 AM (NZT) The just released NZ 4th quarter employment numbers reveal a 1.0% fall in employment , but also a fall in the unemployment rate from 7.3% to 6.9%. Whilst the unemployment rate is lower, this is not a healthy number. The fall in employment is significant and the lower unemployment rate is attributable to materially lower participation rate (less people involved in the workforce), a clear indication of a weak labour market. There are fewer people working, or looking for work, as younger people opt for further study and older people opt for retirement.
The NZD has seen some immediate and across the board pressure following the number. This takes the gloss off the recent NZD strength and will provide some interest for the coming session after the recent strength against the likes of the AUD and GBP.
Australian employment numbers to follow in a couple of hours to add to the noise for today’s market.
More employment market information from Stats NZ
Currency pair Current level Pre-NZ Emply Percentage change 24 hour range
NZDUSD 0.8392 0.8423 -0.37% 0.8400 0.8459
AUDUSD 1.0320 1.0326 -0.06% 1.0299 1.0395
NZDAUD 0.8135 0.8160 -0.31% 0.8125 0.817
AUDNZD 1.2293 1.2255 0.31% 1.2240 1.2308
NZDGBP 0.536 0.5380 -0.37% 0.5365 0.5402
NZDEUR 0.6207 0.6230 -0.37% 0.6212 0.6237
NZDJPY 78.59 78.78 -0.24% 78.48 79.33
NZDCAD 0.8360 0.8385 -0.30% 0.8041 0.8148