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Needle Still Points North


Bullish Argument Down, But Not Out


Attention Is On Resistance


Stocks Higher as Stimulus Here to Stay


Gold Extends Uptrend, 200-dma Eyed


1.4009 Needed For Bullish Signals

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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