Prior month revised to -0.2% from -0.3%

  • Ads rise and .4% from September
  • Ads gain 5.8% YoY based on three-month moving average vs 6% in September
  • Ads growth is consistent with continued stability in the labor market (says ANZ)
  • "But in trend terms, monthly growth has softened, which may signal waning momentum. Weakness in retail sector also highlights important risks"
  • Annual rate "is well below the solid rates of growth seen over 2017, consistent with the economy having lost some momentum"

The NZDUSD stepped lower in trading yesterday and in the process fell back below the 100 hour MA at 0.6528 (after trying to hold). The dip buyers turned to sellers. That MA is now risk for the short.