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NZD/USD marked higher after the better than expected jobs report from New Zealand

  • The better than expected results have diminished the prospect of an RBNZ rate cut next week
Eamonn Sheridan
06/08/2024 | 22:50 GMT

The data is here:

  • New Zealand Q2 unemployment rate 4.6% (vs. 4.7% expected)

In summary, New Zealand's unemployment rate rose to 4.6% in the April to June quarter

  • economists had forecast a 4.7% unemployment rate

And employment increased 0.4% from the prior quarter

  • economists had forecast 0.2% contraction in employment

I posted earlier that there were building expectations of an RBNZ rate cut on August 14. This takes some of the confidence out of that call.

nzd q2 employment report New Zealand 2

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