NZ Q1 Employment Data

NZ Q1 Employment Data

The NZ Employment numbers for Q1 have just been released.

They came in better than expected overall.

NZ Employment data for Q1 was:

- Employment (Q/Q) 1.2% (consensus +0.8%)
- Employment (Y/Y) 5.7% (consensus 5.3%)
- Unemployment Rate 4.9% (consensus 5.2%)
- Participation Rate 70.6% (consensus 70.5%)

Private ordinary time wages grew +0.4% in Q1 and +1.6% on the year - both are lower than forecast rates of +0.5% and 1.7% respectively.

Q4 employment growth was revised lower to 0.7% from 0.8%.

The US Federal Reserve has an interest rate policy setting meeting and related statement release overnight. This will be keenly scrutinising by market participants in determining the pace of future US interest rate hikes.

The NZD is higher in immediate response.

Current indicative levels are:

NZD-USD 0.6950 / 0.6975
NZD-AUD 0.9225 / 0.9250
NZD-EUR 0.6355 / 0.6380
NZD-GBP 0.5370 / 0.5395
NZD-JPY 77.80 / 78.05

Please call for further information or pricing.

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