The new zealand dollar fell sharply from 0.6695 to 0.6630 (-65 pips) following the weaker than expected 3rd quarter New Zealand employment data. (21:45 GMT). The kiwi also weakened from the soft Fonterra GDT auction pirce index of -7.4% yesterday in NY (13:40 GMT). The Oct 28 low of 0.6633 has been tested again. The trading range in early Europe has been confined to the lower levels of 0.6665 and 0.6625.
New Zealand 3rd QTR Unemployemnt rate was 6.0% as expected. Employment rate fell to -0.4% q/q versus the median forecast of 0.4%. The participation rate slid to 68.6% versus the median forecast of 69.3%. Private wages ex-overtime 0.4% versus 0.5 estimate.
The AUD/NZD cross also contributed to the kiwi's weakness. The AUD/NZD rose from 1.0705 TO 1.0840 on the intraday chart. Demand for the aussie dollar came from the good Sept Retail Sales, Trade Balance data and China Oct Caixin Services PMI.
Chart: WorldWideMarkets Alpha Trader