NZD/USD flows: Strong Data Pushes Kiwi Higher

The Q2 employment data has come in hotter for NZ. The Q2 unemployment rate is 4.6% vs. 4.7% expected with participation rate also rose to 71.7% from 71.3%. Wage increased faster than expected on y/y and outperforms on q/q. It pushes back market expectations of a early cut from the RBNZ in the coming meeting and supported the Kiwi.

NZD/USD is trading 0.97% higher at 0.6011.