NZD Moves Higher After Initial Violent Reaction to Employment Data

The New Zealand dollar rose against major currencies today following the release of a decent employment report. While the currency reacted wildly to the release, jumping initially and slumping back down almost immediately, the kiwi largely moving up afterwards.

The Statistics New Zealand reported that the unemployment rate fell from 4.5% in the December quarter of 2017 to 4.4% in the March quarter of 2018, in line with expectations. Employment grew by 0.6% after increasing by 0.4% in the previous three months. The rate of growth was faster than 0.5% promised by the consensus forecast.

NZD/USD rose from 0.7002 to 0.7019 as of 11:07 GMT today. NZD/JPY gained from 76.92 to 77.09.

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