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Market News Topics
November 07, 2018 19:52 GMT
NZD has been underpinned by yesterday's........>
KIWI
KIWI: NZD has been underpinned by yesterday's stronger than expected NZ Q3
labour market report. Headline employment rose 1.1% Q/Q & 2.8% Y/Y vs. exp. 0.5%
& 2.0%, with the uptick in employment outstripping the rise in the participation
rate (to 71.1% from 70.9%), which allowed the unemployment rate to fall to 3.9%
vs. exp 4.4%. Private wage growth was virtually in line with expectations,
slowing a touch from Q3, although AHE was strong.
- Weaker USD stemming from the midterms has also added support to the rate,
which held higher throughout Wednesday.
- Rate last $0.6786, with focus on option related resistance touted at $0.6800
Bears need a move below the Nov 02 high at $0.6690.
- Also worth noting Fonterra reiterated its earnings forecast for FY19.
- The labour mkt release had added importance ahead of the RBNZ decision.
Although wage growth remains ltd, the fall in the unemp. rate may lead to the
Bank tweaking its language re: the labour mkt. Rates mkts priced out a chance of
a cut in '19 on the back of the print {was 20% priced for mid-'19 prev.).
Business confidence & investment remains the major worry.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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