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Slips On Jobs Miss, Higher Unemployment Rate

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NZD/USD has fallen post the Q1 employment report. The pair last around 0.5880 (-0.15% for the session), post data lows were at 0.5875. We aren't too far away from previous YTD lows of 0.5852 (which printed on April 19).

  • Employment fell 0.2% q/q, against a +0.3% projected rise. Y/Y was still positive at 1.2%, versus 1.6% forecast. The unemployment rate rose to 4.3% versus 4.2% forecast and 4.0% prior. This is highs in the unemployment rate back to the start of 2021.
  • Wage outcomes were in line with expectations at +0.8% (prior 1.0%). More details to follow.
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NZD/USD has fallen post the Q1 employment report. The pair last around 0.5880 (-0.15% for the session), post data lows were at 0.5875. We aren't too far away from previous YTD lows of 0.5852 (which printed on April 19).

  • Employment fell 0.2% q/q, against a +0.3% projected rise. Y/Y was still positive at 1.2%, versus 1.6% forecast. The unemployment rate rose to 4.3% versus 4.2% forecast and 4.0% prior. This is highs in the unemployment rate back to the start of 2021.
  • Wage outcomes were in line with expectations at +0.8% (prior 1.0%). More details to follow.