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Boosted By Stronger Than Expected Employment

NZD

Positive day for the NZD after slightly stronger than expected employment data, with the u/e rate at 4.0% only a touch above Q3's 3.9%, and firmer jobs growth (+2.4% y/y for Q4 versus 2.1% projected).

  • NZDUSD broke after 0.6100 post employment data, and has been able to hold above this level for most of the day, next target is the 20 and 50 day EMA of 0.6120/0.6140.
  • AUDNZD has been hovering around the 1.0700 level all day. A clean break sub this level could see Dec 2023 lows at 1.0656 targeted. Oct lows were at 1.0624. On the topside, the 20-day EMA is back near 1.0740, while the 200-day sits close to 1.0800.
  • Overnight we had another solid rise for whole milk powder as it rose to $3,463 from $3,353 at the previous auction, which prompted Westpac to raise its full year 2023-24 Fonterra milk price forecast.
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