The New Zealand dollar went up against all other major currencies today as the countrys jobless report wasnt as bad as some traders expected and the kiwi needed to correct after some of its greatest losses.
The report regarding the unemployment rate in the fourth quarter in New Zealand was released late yesterday at 21:45 GMT. It showed that the unemployment rate climbed to 4.6 percent from 4.2 percent, while some market analysts predicted a growth to 4.7 percent.
The currency traders now expect the Reserve Bank of New Zealand to cut only 50 basis points on its next monetary policy meeting in March. The optimism gained with this report helped the New Zealand dollar to recover its losses, especially against the Japanese yen. But in the long-term and even medium-term period it wouldnt wise to bid on the NZD.
NZD/USD went up from 0.5080 to 0.5121 as of 10:13 GMT today. NZD/JPY rose from 45.37 to 45.96, while AUD/NZD advanced from 1.2601 to 1.2630 after reaching as low as 1.2555 today.
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