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Marginally Pressured As Unemployment Rate Rises to 2-Year High

NZD

Kiwi has been marginally pressured after the Unemployment Rate rose to 3.6% higher than the expected 3.5%. The participation rate unexpectedly ticked higher to 72.4%, and the Employment Change was 1.0% Q/Q. Average Hourly Earnings ticked lower to 1.9% Q/Q from 2.1%.

  • NZD/USD is down ~0.1% and last prints at $0.6140/45. We sit at session lows, however follow through remains limited for now. Bears look to break the low from July 28 ($0.6121), this opens the low from Jun 28 ($0.6051) and year to date lows ($0.5985).
  • AUD/NZD is ~0.2% higher, the pair has trimmed some of yesterday's losses and sits at $1.0770/80. Bulls target a move above the $1.08 handle.

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