- Home
- Analytics
- Market News
- Market Overview
- Another Big Day for the Kiwi
Market Overview
Another Big Day for the Kiwi
The New Zealand Dollar soared on Tuesday
and was trading more than 0.70 per cent stronger on Wednesday as well, with the
NZDUSD pair
reaching fresh three-month highs near 0.6780.
According to the latest data, the New
Zealand unemployment level has notably improved in the third quarter and
dropped to 3.9 per cent, which is way below the previous level of 4.5 per cent.
Analysts had expected the unemployment rate to remain unchanged. The
participation rate also improved to 71.1 per cent from 70.9 per cent
previously.
Employment surged sharply to 1.1 per cent
from 0.5 per cent in the previous quarter, but wage growth slowed, although
marginally, to 0.5 per cent from 0.6 per cent previously quarter on quarter.
The yearly change also slipped from 2.1 per cent to 1.9 per cent. The NZDUSD
pair rose around 60 pips, or nearly 1 per cent after these numbers.
Investors may now shift their attention
toward today’s Reserve Bank of New Zealand monetary policy decision, with the
consensus expecting no changes today. Thus, the main rate may remain at 1.75 per
cent.
However, the following statement might
sound a bit hawkish, considering the recent positive developments in New
Zealand, especially the strong labour market data. Should this happen, the Kiwi
could continue its upward movement.
The next major resistance is at the 200-day
moving average at 0.69, and as long as the pair trades above 0.6720, the
outlook seems bullish.
Disclaimer:
Analysis and opinions provided herein are intended solely for
informational and educational purposes and don't represent a recommendation or
an investment advice by TeleTrade. Indiscriminate reliance on illustrative or
informational materials may lead to losses.
TeleTrade EU is a multi-award-winning, EU licensed and regulated Cyprus Investment Firm.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2023 TeleTrade-DJ International Consulting Ltd
This website is operated by Teletrade-DJ International Consulting Ltd, which is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11. Teletrade-DJ International Consulting Ltd is located at 88, Arch. Makarios Avenue, 2nd floor, Nicosia Cyprus.
The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Please read our full Terms of Use.
To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
