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Forex News: NZ Dollar Rises As New Zealand Unemployment Rate

NZ Dollar Rises As New Zealand Unemployment Rate Drops

05/03/2017 - 02:42:00 (RTTNews)

(RTTNews) - The New Zealand dollar strengthened against the other major currencies in the Asian session on Wednesday, after data showed that the jobless rate in New Zealand fell more-than expected in the first quarter of 2017.

Data from Statistics New Zealand showed that the jobless rate in New Zealand came in at a seasonally adjusted 4.9 percent in the first quarter of 2017. That was beneath estimates for 5.1 percent and down from 5.2 percent in the previous three months.

The employment change was 1.2 percent on quarter, again topping forecasts for 0.8 percent and up from 0.7 percent in the three months prior. On a yearly basis, the employment change saw a jump of 5.7 percent, exceeding expectations for 5.3 percent after adding 5.8 percent in the previous quarter.

In other economic news, data from the Quotable Value showed that house prices in New Zealand increased notably in April, though the rate of growth was the weakest since July 2015. Residential property prices grew 11.1 percent year-over-year in April, slower than the 12.9 percent spike in March.

Tuesday, the NZ dollar had risen 0.24 percent against the U.S. dollar, 0.10 percent against the yen, 0.06 percent against the euro and 0.23 percent against the Australian dollar.

In the Asian trading, the NZ dollar rose to a 1-month high of 78.02 against the yen, from yesterday's closing value of 77.67. The kiwi may test resistance around the 79.00 region. ??

Against the U.S. dollar, the euro and the Australian dollar, the kiwi advanced to 8-day highs of 0.6968, 1.5680 and 1.0799 from yesterday's closing quotes of 0.6936, 1.5759 and 1.0863, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.70 against the greenback, 1.54 against the euro and 1.06 against the aussie.

Looking ahead, the German unemployment rate for April, Markit/CIPS U.K. construction PMI for April and Eurozone PPI for March and GDP for the first quarter are due to be released later in the day.

In the New York session, U.S. ADP private sector jobs data for April, Markit's U.S. PMI for April and U.S. crude oil inventories data are slated for release.

At 2:00 pm ET, the Federal Reserve will announce its decision on monetary policy. The Federal funds rate is expected to hold rates at below 1.00 percent.

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