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Forex: Kiwi claws back losses after NZD jobs data beats estimates

The Kiwi is drifting sharply higher in Asia trade, up 60 pips at 0.8462. The catalyst for the aggressive bounce was the NZD Jobs data which was just released at 22:45GMT.

According to analysts at FXStreet.com, “The New Zealand labour market continues on a very healthy state, as shown by the latest data from the statistics bureau in the country, where employment change in Q1 rose by +1.7% vs 0.8% expected and -1.0% prior. The unemployment rate also had a significant reduction from to 6.2% vs 6.8% expected and 6.9% last, that is a 0.6 bp deviation.”

The FXStreet.com Trend Index now reads Slightly Bullish on the 1 hour chart, while the OB/OS remains neutral. First resistance comes in at 0.8470 (previous support on the 1 hour chart on May 2nd, now be resistance), followed by 0.8500 (previous support on 1 hour chart from May 3rd, now resistance). Initial support sits at 0.8440, followed by 0.8410 (previous resistance, now support on 1 hour chart)

New Zealand labour market much stronger than forecast

The New Zealand labour market continues on a very healthy state, as shown by the latest data from the statistics bureau in the country, where employment change in Q1 rose by +1.7% vs 0.8% expected and -1.0% prior. The unemployment rate also had a significant reduction from to 6.2% vs 6.8% expected and 6.9% last, that is a 0.6 bp deviation.
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