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Little reaction in the NZD to the NZ Q2........>

KIWI: Little reaction in the NZD to the NZ Q2 labour market report, NZD/USD
trading a tad softer at ~$0.6810.
- The unemployment rate unexpectedly ticked up to 4.5%, as the uptick in the
participation rate outweighed the slightly stronger than expected Q/Q & Y/Y
employment growth. Average hourly earnings were particularly disappointing,
although the private wage metric met expectations.
- This gives the RBNZ's inference re: that "employment is currently within a
broad range of indicators of the maximum sustainable level. Spare capacity in
the labour market appears to have been absorbed, although estimates of capacity
are uncertain." some credence. Although the average hourly earnings print will
provide some concern.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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