XE Data Update - NZ Q3 Employment Data

The NZ Employment numbers for Q3 have just been released.

They came in weaker than expected overall:

NZ Employment data for Q3 was:

- Employment (Q/Q) 0.2% (consensus +0.2%)
- Employment (Y/Y) 0.9% (consensus +0.9%)
- Unemployment Rate 4.2% (consensus 4.1%)
- Participation Rate 70.4% (consensus 70.3%)

In addition, Private Ordinary Time Wages were +0.6% (+0.6% expected)

The NZD is a little lower in immediate response.

Current indicative levels are:

NZD-USD 0.6360 / 0.63985
NZD-AUD 0.9235 / 0.9260
NZD-EUR 0.5740 / 0.5765
NZD-GBP 0.49435 / 0.4960
NZD-JPY 69.40 / 69.65

The RBNZ have the OCR meeting and Monetary Policy Statement will be held on Wednesday 13th November). On balance, the market is still expecting the OCR to be cut by 0.25% (to 0.75%) at this meeting.

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