The New Zealand dollar was falling today despite very strong employment data released at the end of yesterday’s trading session. The currency demonstrated a huge jump on the previous session and it is likely that traders just considered such gains to be unsustainable.
New Zealand employment grew by 1.1 percent in the fourth quarter of 2013 from the previous three months, almost twice the forecast value of 0.6 percent. The unemployment rate fell by 0.2 percentage point to 6.0 percent. The positive data increases chances for an interest rate hike from the central bank in the near future.
NZD/USD traded at 0.8220 as of 11:23 GMT today after jumping from 0.8080 to 0.8240 yesterday. NZD/JPY was near 83.18 on the present trading session following the rally from 81.60 to 83.75 on the previous session.
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