HiFX Data Update - NZ Employment Release - NZD lower

HiFX Data Update - NZ Employment Release - NZD lower

The NZ Employment numbers for Q1 have just been released.

They came in worse than expected overall. The figures showed strong growth in employment numbers but the unemployment rate increased as labour force participation rose.

NZ Employment data for Q1 was:

- Employment (Q/Q) 0.7% (consensus +0.7%)
- Employment (Y/Y) 3.2% (consensus +3.2%)
- Unemployment Rate 5.8% (consensus 5.5%)
- Participation Rate 69.6% (consensus 69.4%)

In addition, Private Ordinary Time Wages were +0.3%/+1.8% (Q/Y), which are both lower than expected.

The NZD is lower in immediate response.

Current indicative levels are:

NZD-USD 0.7485 / 0.7510
NZD-AUD 0.9445 / 0.9470
NZD-EUR 0.6695 / 0.6720
NZD-GBP 0.4930 / 0.4955
NZD-JPY 89.80 / 90.05

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