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Strong NZ Jobs Data Provides Boost To Kiwi

FOREX

The kiwi went bid in early Asia-Pac trade, following the release of New Zealand's blowout jobs report for Q3, which pointed to acute tightness in the labour market. Unemployment and underutilisation tumbled, in spite of an unexpected uptick in participation, as employment soared more than forecast.

  • The NZD remains atop the G10 pile despite pulling back from session highs as some of the hawkish RBNZ repricing inspired by the report was unwound.
  • AUD also trades on a slightly firmer footing. BBG trader sources flagged support for the Antipodeans from exporter demand and short-covering after yesterday's sell-off.
  • Most USD crosses have held fairly narrow ranges, with the DXY conceding some ground ahead of the imminent monetary policy decision from the FOMC.
  • Japanese markets are shut in observance of a local public holiday.
  • Today's data highlights include U.S. ADP employment change, factory orders & durable goods orders and a suite of Services PMIs from across the globe. Speeches are due from BoE's Bailey, RBA's Debelle & a suite of ECB members.
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