NZ Dollar Rises On Upbeat Jobs Data
02 Maio 2023 - 11:22PM
RTTF2
The New Zealand dollar strengthened against other major
currencies in the Asian session on Wednesday, following the release
of nation's upbeat jobs data in the first quarter of 2023.
Data from Statistics New Zealand showed that the unemployment
rate in New Zealand came in at a seasonally adjusted 3.4 percent in
the first quarter of 2023, unchanged from the previous three months
and below expectations for 3.5 percent.
The New Zealand economy added 0.8 percent on quarter, beating
forecasts for an increase of 0.4 percent and accelerating from 0.2
percent in the three months prior.
The labor cost index was up 0.9 percent on quarter and 4.5
percent on year after rising 1.1 percent on quarter and 4.3 percent
on year in the previous quarter. The participation rate was 72.0
percent, exceeding expectations for 71.7 percent, which would have
been unchanged.
Traders expect the nation's upbeat jobs data may add some cues
to increase RBNZ interest rate further.
In the Asian trading today, the NZ dollar rose to nearly a
3-week high of 0.6249 against the U.S. dollar and a 2-day high of
1.0681 against the Australian dollar, from yesterday's closing
quotes of 0.6207 and 1.0731, respectively. If the kiwi extends its
uptrend, it is likely to find resistance around 0.64 against the
greenback and 1.05 against the aussie.
Against the euro and the yen, the kiwi edged up to 1.7639 and
85.05 from yesterday's closing quotes of 1.7707 and 84.77,
respectively. The kiwi may test resistance around 1.71 against the
euro and 87.00 against the yen.
Looking ahead, Eurozone unemployment rate for March is due to be
released at 5:00 am ET.
In the New York session, U.S. ADP jobs report for April, U.S.
PMI reports for April and U.S. EIA weekly crude oil reports are
slated for release.
At 2:00 pm ET, U.S. Federal Reserve's monetary policy
announcement is due. The Federal Reserve is expected to raise the
fed funds rate by 25 basis points to a range of 5%-5.25% during its
May 2023 meeting.
Half-an-hour later, the Federal Reserve will participate in a
press conference following the monetary policy announcement.
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