Saturday, August 20, 2016

New Zealand: New rules! : Jobs Reports

  • Unemployment rate fell to 5.1% in Q2 2016 vs. 5.3% expected, 5.2% previous
  • Employment increased by 2.4% vs. 0.6% expected, 1.4% previous
  • Labor force participation rate rose from 69.0% to 69.7%
Forex traders were careful not to read too much into New Zealand’s strong Q2 2016 jobs numbers after Statistics New Zealand reported that it redeveloped its Household Labor Force Survey (HLFS) to identify better with self-employed workers and those in the armed forces. At the same time, the revised surveys would also fit international standards better.
This is probably why Kiwi saw upward spikes and its intraday highs at the reports’ release, but also gave back most (and in some cases, all) of its post-report gains. NZD/USD ended the day at .7241, 82 pips (-1.12%) lower than its intraday highs, while NZD/JPY also sustained an 84-pip drop (-1.14%) to 72.60.

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