Kiwi falls as New Zealand unemployment rises to 5.7%
New Zealand employment fell 0.1% in the third quarter against a forecast 0.4% rise, after 0.5% growth in the second, and the unemployment rate rose to 5.7% against a 5.5% forecast. NZD/USD is trading at its session low just below 0.5600, and it has given back almost all of its climb from the October 14 low just above 0.5550.
The Labour Cost Index rose 0.4% on the quarter against a 0.5% forecast, slowing from 0.7%, and the participation rate fell to 70.4% from 70.7%, so unemployment rose with fewer people looking for work. The Reserve Bank of New Zealand (RBNZ) held its rate on October 28 when a hike had been expected, and weaker jobs and slower wage growth cut into the case for one.
NZD/USD 5-minute chart
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