NZ Dollar Higher After Strong Employment Data
November 06 2018 - 8:45PM
RTTF2
The New Zealand dollar appreciated against its major
counterparts in the Asian session on Wednesday, following the
release of strong domestic employment data for the third
quarter.
Data from Statistics New Zealand showed that New Zealand's
unemployment rate fell a seasonally adjusted 3.9 percent in the
third quarter of 2018.
That was well beneath expectations for 4.4 percent and down
sharply from 4.5 percent in the three months prior.
Employment saw an increase of 2.8 percent on year - exceeding
expectations for a gains of 2.0 percent following the 3.7 percent
spike in Q2.
Investors await the Reserve Bank of New Zealand's rate decision
due tomorrow. RBNZ is widely expected to keep OCR unchanged at 1.75
percent.
Asian shares were mostly higher after U.S. midterm elections
resulted in a divided Congress, offering no surprise to
investors.
The kiwi strengthened to more than a 3-month high of 0.6779
against the greenback and near a 4-month high of 76.73 against the
yen, from its early lows of 0.6712 and 76.25, respectively. The
kiwi is likely to find resistance around 0.685 against the
greenback and 78.00 against the yen.
Reversing from its early lows of 1.0753 against the aussie and
1.6996 against the euro, the kiwi climbed to 4-1/2-month highs of
1.0715 and 1.6912, respectively. The next possible resistance for
the kiwi is seen around 1.06 against the aussie and 1.67 against
the euro.
Looking ahead, German industrial production for September is set
for release at 2:00 am ET.
Eurozone retail sales for September, U.K. Halifax house prices
and German construction PMI for October are due in the European
session.
Swiss National Bank Governing Board Member Fritz Zurbrugg gives
a speech titled "Financial Stability: Old and New Challenges" at
the Swiss Finance Institute in Zurich at 9:00 am ET.
At 10:00 am ET, Canada Ivey PMI for October is due.
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