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Q4 Jobs Report Stronger Than Forecast, NZD Firms, OIS Rises

NEW ZEALAND

Slightly stronger than expected Q4 NZ employment data. Note Q3 revisions positive at the margins (jobs growth at 2.7% versus 2.4% initially reported). Q4 growth at 2.4% versus 2.1% projected. The u/e rate at 4.0% only a touch above Q3's 3.9%, sub the 4.3% forecast. Participation rate slightly lower though, at 71.9%.

  • Wages measure a touch above forecast for the including and excluding overtime measures. Both rose 1.0%, versus 0.8% forecast. More details to follow
  • NZD/USD spike to 0.6097, but there has been no follow through, last close to this level. We were closer to 0.6080 prior to the print.
  • NZGBs were 2bps cheaper, but that move has extended to 5bps cheaper. OIS is 3-4bps firmer beyond the July meeting.
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