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Forex News: New Zealand Dollar Falls As NZ Jobless Rate

New Zealand Dollar Falls As NZ Jobless Rate Rises

11/06/2019 - 03:00:00 (RTTNews)

(RTTNews) - The New Zealand dollar declined against its major counterparts in the pre-European session on Wednesday, after a data showed that the nation's jobless rose in the third quarter.

Data from Statistics New Zealand showed that the unemployment rate came in at a seasonally adjusted 4.2 percent in the third quarter.

That exceeded expectations for 4.1 percent and was up from the 11-year low mark of 3.9 percent in the three months prior.

On a yearly basis, employment was up 0.9 percent - in line with expectations following the 1.7 percent jump in the previous three months.

Asian shares are trading mixed as investors awaited concrete details from the Sino-U.S. trade negotiations.

As the two sides try to hammer out details of the "phase one" trade deal, Beijing wants Washington to make a solid commitment towards removing tariffs.

The kiwi declined to a 1-week low of 0.6361 against the greenback and a 5-day low of 69.28 against the yen, from its early highs of 0.6384 and 69.69, respectively. If the kiwi falls further, 0.62 and 67.5 are likely seen as its next support levels against the greenback and the yen.

Reversing from its early highs of 1.7342 against the euro and 1.0800 against the aussie, the kiwi dropped to a 6-day low of 1.7413 and a 1-1/2-month low of 1.0828, respectively. The next possible support for the kiwi is seen around 1.78 against the euro and 1.10 against the aussie.

Looking ahead, PMIs from major European economies and Eurozone retail sales for September are scheduled for release in the European session.

At 10:00 am ET, Canada Ivey PMI for October will be released.

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