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KIWI: NZD has benefitted from a stronger than expect 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.
- NZD/USD has added 65 pips in the wake of the release, last $0.6732,
registering a high of $0.6742 in the process.
- The rate has breached the 100-DMA & Friday's intraday high, the August 09 & 08
highs at $0.6747 and $0.6762 provide the next points of resistance.
- The release had added importance ahead of tomorrow's RBNZ MonPol decision.
Although wage growth remains limited, the fall in the unemployment rate may lead
to the Bank tweaking its language re: the labour market.