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KIWI: Arguably, the upcoming NZ employment data provides the highlight of the
Asia-Pacific docket on Wednesday.
- NZD/USD last deals at ~$0.6820, well within the broader $0.6690-$0.6860 range
observed in July.
- The release has perhaps garnered even more significance as the RBNZ's PTA now
has an employment aspect to it.
- In its most recent MPS the RBNZ noted that "employment is currently within a
broad range of indicators of the maximum sustainable level. Spare capacity in
the labour market appears to have been absorbed, although estimates of capacity
are uncertain." On the wage front the RBNZ noted that "the rise in capacity
pressure, increases in the minimum wage, and rising headline inflation are
expected to generate higher wage inflation. There is a risk that minimum wage
increases pass through to aggregate wage inflation to a greater extent than