New Zealand labor report sinks NZD

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Statistics New Zealand has released the employment as follows:

NZD/USD is breaking structures in a 27 pips drop:

The data is not as strong as the market was expecting and hence the Kiwi is losing ground at a rapid pace.

Statistics New Zealand releases employment data on a quarterly basis. The statistics shed a light on New Zealand’s labor market, including unemployment and employment rates, demand for labor and changes in wages and salaries. These employment indicators tend to have an impact on the country’s inflation and Reserve Bank of New Zealand’s (RBNZ) interest rate decision, eventually affecting the NZD. A better-than-expected print could turn out to be NZD bullish.

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