The New Zealand dollar fell yesterday after data showed that US unemployment claims rose more than expected. The kiwi rebounded today, though, but it is still unclear, whether it is a change of the trend or just a temporary bounce.
US claims for unemployment benefits were up from 342,000 to 388,000 last week, beating analysts’ forecast of 367,000. Employment and unemployment data is usually a good indicator of economic health. And the rising jobless claims suggest that the US economy is not that healthy.
The Chinese macroeconomic data did also cause some concern. Though initially it was viewed favorably by traders, the positive reports gave rise to speculation that the Asian economy (which is the second biggest trading partner of New Zealand) will refrain from further stimulus. Such talks are not supportive for the kiwi (as the New Zealand currency is often called).
NZD/USD was up from 0.8180 to 0.8192 and NZD/JPY rose from 64.84 to 64.98 as of 4:01 GMT today.
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