New Zealand dollar is affected by jobs data

New Zealand dollar is affected by jobs data

On Wednesday, the New Zealand dollar headed south following dismal jobs data,which  heightened expectations that interest rates would be decreased, as traders awaited the end of the Fed’s two-day policy gathering.

In general, trading was thin due to holidays in Asia and the European Union. The vast majority of currency pairs fluctuated in tight ranges.

The Fed gathering took place after firm American economic data in April pushed the evergreen buck to a two-year maximum.

Against a group of currencies, the USD index headed south demonstrating an outcome of 97.381.

The common currency managed to rally versus the evergreen buck reaching $1.1234, which appears to be its highest outcome since April 23. On Tuesday, firm economic data in the euro zone backed some short covering from hedge funds, which have been betting against the euro.

The New Zealand dollar turned out to be the day’s key mover. It headed south by 0.5% after data revealed that employment suddenly decreased in the March quarter. As for the jobless rate, it slumped to 4.2%.

Financial markets responded by betting that a rate cut was more real. However, the Reserve Bank of New Zealand, whose policy meeting is expected to take place next week, has already told that most probably its next move will be down.

The New Zealand dollar revived from earlier minimums. Last it decreased by 0.2% being worth $0.6663.

As for the Australian dollar, it tacked on by 0.1% reaching $0.7059.

Accommodative monetary policy worldwide has kept volatility contained across financial markets, while the demand for risky assets headed north.

The UK currency went up by 0.3% reaching $1.3074.


Monday started with volatility
Monday started with volatility

Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.

What awaits NZD in February?
What awaits NZD in February?

The Reserve Bank of New Zealand will reveal the official cash rate, monetary policy statement, make a rate statement, and after that will answer questions in a press conference on February 23, 03:00 GMT+2.

Latest news

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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