NZ unemployment rate comes in at 5.7% against 5.6% consensus
| Pair | Now | Since publish |
|---|---|---|
| NZDUSD | — | — |
New Zealand’s Unemployment Rate came in at 5.7%, against a consensus of 5.6% and a previous reading of 5.6%. The print was one tenth of a point above both the forecast and the prior release, so the jobless rate rose.
The New Zealand dollar weakened across the board in our price feed. One hour after the release, NZDUSD was -28 pips, NZDJPY -46 pips, NZDCAD -53 pips and NZDCHF -20 pips. The NZD crosses on the other side moved higher: AUDNZD +62 pips, EURNZD +83 pips and GBPNZD +99 pips. Most pairs reached their largest move at the 15-minute mark or later, with EURNZD and GBPNZD slightly off their 15-minute highs of +89 and +105 pips by the one-hour mark.
These moves are large against history. The median one-hour move is 18 pips for AUDNZD, 36 for EURNZD, 37 for GBPNZD, 18 for NZDCAD, 11 for NZDCHF, 20 for NZDJPY and 16 for NZDUSD. Every pair has moved beyond its top-quarter threshold (38+, 67+, 76+, 30+, 25+, 29+ and 28+ pips respectively), with NZDUSD sitting right at its threshold. Pair thresholds are drawn from 41 or 42 releases since 2015.