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The kiwi has received a boost from an upbeat Q1 Labour Force Survey, which showed that the unemployment rate unexpectedly fell to 4.7% from 4.9%. Employment increased more than expected, alongside an above-forecast uptick in participation.
- On a side note, Stats NZ noted that underutilisation rate rose to 12.2% in Q1 from 11.8% recorded in the previous quarter.
- Robust jobs report pushed NZD/USD to a fresh session high of $0.7176 before the pair pulled back to $0.7168 (+22 pips on the day), where it trades now. Familiar technical picture remains in play.
- AUD/NZD dipped towards the crossover of its 100-DMA/200-DMA but failed to make headway beyond there and trimmed some losses. It last sits -23 pips at NZ$1.0765, off the session low at NZ$1.0753. A fall through Apr 30 low of NZ$1.0709 would please bears, while topside focus falls on May 4 high of NZ$1.0822.
- NZD/JPY has added 23 pips thus far and last trades at Y78.34, still within the confines of yesterday's range. Bulls look for a break above Apr 29 high of Y79.17, while bears keep an eye on the 50-DMA at Y77.68, which limited losses yesterday.
- Focus now moves to RBNZ speak re: the latest Financial Stability Report released this morning.
Fig. 1: Summary Of Key Statistics From New Zealand's Q1 Labour Force Survey