NZ Employment Change preview: Consensus points to slower growth
| Pair | Now | Since publish |
|---|---|---|
| NZDUSD | — | — |
New Zealand’s Employment Change for the second quarter is due on August 4, 2026, at 22:45 UTC. The market consensus anticipates a 0.1% increase in employment, a slowdown from the previous quarter’s 0.2% growth. This release carries a High impact rating, suggesting potential for significant market movement.
Historically, this release has generated notable volatility across NZD pairs. After past releases, AUDNZD has seen a median 1-hour move of 16 pips, with top-quarter moves exceeding 35 pips. EURNZD typically moves 33 pips, with top-quarter releases moving over 59 pips. GBPNZD has a median 1-hour move of 36 pips, with top-quarter releases above 74 pips. For NZDUSD, the median 1-hour move is 15 pips, and top-quarter releases have moved more than 27 pips. The direction reliability on NZDUSD after past releases stands at 69%.
Recent data shows varied outcomes. The May 2026 release saw an actual 0.2% increase against a 0.4% forecast, with NZDUSD moving up 17 pips in the hour. In February 2026, a 0.5% actual against a -0.5% forecast led to a -16 pip move for NZDUSD. The November 2025 print was 0% versus a 0.2% forecast, resulting in a -11 pip move for NZDUSD.