The NZD/USD bounced back today after the New Zealand Statistics Bureau published relatively robust employment numbers. The NZDUSD is trading at 0.7218, which is slightly above yesterday’s low of 0.7133.
The New Zealand Dollar is trading sharply higher on Wednesday after data released by Statistics New Zealand showed the country’s jobless rate dropped in the fourth quarter, beating analyst forecasts, as the economy recovers from the COVID-19 pandemic. In total, the unemployment rate dropped from 5.3% in the third quarter to 4.9% in the fourth quarter.
The seasonally adjusted unemployment rate dropped to 4.9% in the December 2020 quarter from 5.3% in the September 2020 quarter, Statistics New Zealand said in the statement. That beat forecasts by economists polled by Reuters who had expected an unemployment rate of 5.6%.
The participation rate also increased to 70.2% while the labor cost index increased from 0.4% to 0.5%. On an annualized basis, the labor cost rose by 1.5%.
NZD/USD Long (Buy)
ENTER AT: 0.7195