The unemployment rate has been on a steady declining trend in the last two years. Although, in the one year period from Q3 2017 to Q2 2018, unemployment remained steady at around 4.5%. But the report released in the beginning of November, which was for Q3, showed a five point decline to 3.9% and Q2 was revised lower as well from 4.5% to 4.4%. That gave the NZD a push higher that day. But that didn't last long as the unemployment rate jumped higher again to 4.3% in Q4 as the report released in February showed. Although, unemployment declined to 4.2% in Q1 2019, but on the other hand, employment declined by 0.2% which was the first time since August 2017. In Q2 though, the unemployment rate declined to 3.9% surprisingly, while employment grew by 0.8%. But, the unemployment rate jumped back up to 4.2% in Q3 and employment grew by 0.6%. In Q4 unemployment fell to 4.0% and I don't think that Q1 of this year will be too different because New Zealand kept the virus in check pretty well. Unemployment was expected to jump to 5.6% in Q2, but instead declined to 4.0%. Although, the restrictions came late in New Zealand and the unemployment rate jumped to 5.3%, while employment declined by 0.8%. But, in Q4 the unemployment rate fell to 4.9% The decline continued to 3.2% last month but it ticked higher to 3.2% earlier where it is expected to remain this time. Please follow us for live coverage of this event by experienced market analysts.