Published: 2024-02-07T05:10:37.000Z
NZD/USD flows: Stronger Labor Data Supports the Kiwi
FX Analyst
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New Zealand Q4 unemployment rate 4.0% vs 4.2% expected
Labour cost index +3.9% y/y vs 3.8% expected
The FX market on Wednesday's Asia session was range bound with early USD weakness mostly reversed. The Q4 New Zealand Employment data beats estimate and show a strong market with rising wage. While we do not think such beat would sway the RBNZ towards a hike, the Kiwi traders still cheer the strong report.
Along with residue optimism of Chinese stimulus in the equity market, NZD/USD rose to 0.6111 before retracing partial gains to trade 0.07% higher at 0.6101.