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Time for RBNZ to Cut Rates?

Weak employment data from New Zealand earlier today caused NZD/USD to fall by 0.5% today. Data released by Statistics New Zealand revealed that the number of jobs dropped by 0.2% in Q1 2019, while expectations were for a 0.5% increase.

Although the unemployment rate fell to 4.2% from 4.3% in the previous quarter, participation rate fell to 70.4%, beating expectations which were for 70.9%. Wages rose by 0.3% QoQ, against 0.5% expected, while the annual growth rate of wages touched 2%, below expectations which were for 2.1%.

The overall business sentiment in New Zealand also appears less than favorable, as the GDP has been softening over the past six months. Is it time for the RBNZ to consider implementing rate cuts?
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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