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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.
NEW ZEALAND
Markets are unfazed by a mixed domestic labour market report. The unemployment rate remained at 3.2%, "one of the lowest recorded since the HLFS series began in 1986". Employment was virtually steady and outpaced by population growth, which resulted in a marginal decline in the employment rate, with the participation rate also down slightly versus the previous quarter.
- Putting this into perspective, the release ended a general run of upside surprises, particularly if one takes into consideration downward revisions to employment change readings for the previous quarter. This tentatively suggests that policy tightening in New Zealand is working, even if the RBNZ still has work to do in this cycle.
- The swaps market still fully prices a 50bp hike to the OCR come the end of this month's RBNZ policy meeting, after the jobs report failed to move the needle on that front.
Fig. 1: NZ Employment Change Y/Y - Actual vs. Consensus
Source: MNI - Market News/Bloomberg
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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