HiFX Data Update - NZ Q2 Employment Release

Wednesday, 1 August 2018, 11:15 am
Press Release: HiFX

The NZ Employment numbers for Q2 have just been released.

They came in somewhat mixed compared with expectations:

NZ Employment data for Q2 was:

- Employment (Q/Q) 0.5% (consensus 0.4%)
- Employment (Y/Y) 3.7% (consensus 3.6%)
- Unemployment Rate 4.5% (consensus 4.4%)
- Participation Rate 70.9% (consensus 70.8%)

Private ordinary time wages grew +0.6% in Q2 and +2.1% on the year - both on expectations.

Average hourly earnings (Q2) disappointed, rising only 0.2% compared with 1.0% forecast.

The US Fed has a rate setting meeting overnight – no change expected here. The Bank of England is forecast to raise interest rates at its meeting Thursday evening (NZ time) – a 0.25% hike is 90% priced-in, which seems overly optimistic given the continuing Brexit woes.
The highly influential and closely analysed US non-farm payroll employments numbers hit the tapes Friday night.

The NZD is a little lower in immediate response.

Current indicative levels are:

NZD-USD 0.6795 / 0.6820
NZD-AUD 0.9155 / 0.9180
NZD-EUR 0.5815 / 0.5840
NZD-GBP 0.5175 / 0.5200
NZD-JPY 76.00 / 76.25

ends

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