Wednesday, November 4, 2015

NZD/USD dumps on poor NZ jobs

FXStreet (Guatemala) - NZD/USD is offered from 0.6706 to 0.6653 on a poor jobs data from the New Zealand economy.

NZD/USD dropped on a worse than expected jobs report with the unemployment rate in line and above previous while the employment change was shocking -0.4% vs 0.4% expected and 50.9 previous. The Participation rate 68.6% vs an expected 69.3%, while prior was 69.3% and wages growth were also a negative factor. This data raises the speculation of a rate cut from the RBNZ in December while markets will now look towards the Nonfarm Payrolls at the end of this week to gauge where this is headed next.

NZD/USD levels

Technically, the downside is now open to a key target of 0.6620, guarding a continuation of the bearish trend with 0.6588 next stop. The 200 SMA on the 4hr is at 0.6602 that may prove some support before a breakout can occur.
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