There were high hopes coming in but NZ employment has missed the mark.
The Unemployment rate was 4.2% which beat the expected 4.3%, prior was 4.3%
The Employment change was-0.2% q/q which was a poor miss with the expected at 0.5%, and prior being 0.1%.
This continues to the series of weak numbers led by CPI. This is clearly putting the RBNZ under all sorts of pressure to cut now so we will watch closely and see how this plays out.
The NZD/USD down on the session now and weak. It held up really well yesterday against a backdrop of weak Chinese data and actually had a good business confidence data point. So today is a little disappointing.
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