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HiFX Data Update - NZ Q1 Employment Release
The NZ Employment numbers for Q1 have just been
released.
They came in close to expectations overall, with the unemployment rate at a fresh 9-year lows.
NZ Employment data for Q1 was:
-
Employment (Q/Q) 0.6%
(consensus 0.6%)
- Employment (Y/Y)
3.1% (consensus 3.3%)
-
Unemployment Rate 4.4%
(consensus 4.4%)
- Participation Rate
70.8% (consensus 71.0%)
Private ordinary time wages grew +0.3% in Q1 and +1.9% on the year. Wage pressure remain benign – this reinforces the view that the RBNZ will keep the Official Cash Rate on hold (at 1.75%) for the remainder of 2018.
The NZD is a little lower in immediate response.
Current indicative levels are:
NZD-USD 0.6980 /
0.7005
NZD-AUD 0.9330 / 0.9355
NZD-EUR
0.5825 / 0.5850
NZD-GBP 0.5125 / 0.5150
NZD-JPY
76.75 /
77.00
ends
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