HiFX Data Update - NZ Q1 Employment Release

Wednesday, 2 May 2018, 11:58 am
Press Release: HiFX

The NZ Employment numbers for Q1 have just been released.

They came in close to expectations overall, with the unemployment rate at a fresh 9-year lows.

NZ Employment data for Q1 was:

- Employment (Q/Q) 0.6% (consensus 0.6%)
- Employment (Y/Y) 3.1% (consensus 3.3%)
- Unemployment Rate 4.4% (consensus 4.4%)
- Participation Rate 70.8% (consensus 71.0%)

Private ordinary time wages grew +0.3% in Q1 and +1.9% on the year. Wage pressure remain benign – this reinforces the view that the RBNZ will keep the Official Cash Rate on hold (at 1.75%) for the remainder of 2018.

The NZD is a little lower in immediate response.

Current indicative levels are:

NZD-USD 0.6980 / 0.7005
NZD-AUD 0.9330 / 0.9355
NZD-EUR 0.5825 / 0.5850
NZD-GBP 0.5125 / 0.5150
NZD-JPY 76.75 / 77.00

ends

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