NZ Dollar Driven Down by Employment Data

The New Zealand dollar fell today, dragged down by underwhelming employment data. The currency was in a retreat for four consecutive sessions versus the euro and for five against the Japanese yen.

New Zealand employment dropped 0.2% in the June quarter of this year from the previous three months, whereas analysts had expected a substantial increase by 0.7%. At the same time, the unemployment rate decreased from 4.9% to 4.8%, in line with expectations. The Labor Cost Index demonstrated the same 0.4% growth as in the previous quarter, while economists had hoped it would accelerate to 0.5%.

NZD/USD declined from 0.7465 to 0.7423 as of 12:26 GMT today. NZD/JPY went down from 82.37 to 81.86 intraday (touching the lowest since two weeks) before trading at 82.23.

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