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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NZD
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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