The New Zealand Dollar soared on Tuesday
and was trading more than 0.70 per cent stronger on Wednesday as well, with the
NZDUSD pair
reaching fresh three-month highs near 0.6780.
According to the latest data, the New
Zealand unemployment level has notably improved in the third quarter and
dropped to 3.9 per cent, which is way below the previous level of 4.5 per cent.
Analysts had expected the unemployment rate to remain unchanged. The
participation rate also improved to 71.1 per cent from 70.9 per cent
previously.
Employment surged sharply to 1.1 per cent
from 0.5 per cent in the previous quarter, but wage growth slowed, although
marginally, to 0.5 per cent from 0.6 per cent previously quarter on quarter.
The yearly change also slipped from 2.1 per cent to 1.9 per cent. The NZDUSD
pair rose around 60 pips, or nearly 1 per cent after these numbers.
Investors may now shift their attention
toward today’s Reserve Bank of New Zealand monetary policy decision, with the
consensus expecting no changes today. Thus, the main rate may remain at 1.75 per
cent.
However, the following statement might
sound a bit hawkish, considering the recent positive developments in New
Zealand, especially the strong labour market data. Should this happen, the Kiwi
could continue its upward movement.
The next major resistance is at the 200-day
moving average at 0.69, and as long as the pair trades above 0.6720, the
outlook seems bullish.
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