NZD/USD is trading at a one-month low in the hours ahead of the Q2 employment report.
New Zealand jobs numbers are only reported every three months so the data takes on extra significance. Only about 10 professional economists forecast kiwi data so outliers are more likely than better-covered countries. The consensus is for an improvement in the unemployment rate to 5.8% from 6.0%.
In the event of weak data, we could easily see NZD/USD hit the June low of 0.8402. That’s the last major level of support until the 0.8100 zone.
NZDUSD daily chart
The data is due at 2245 GMT (6:45 pm ET).
