New Zealand dollar drops slightly after weak job numbers

May 1, OctaFX – The kiwi dropped slightly today after the country released weaker jobs numbers. In the first quarter, the New Zealand participation rate declined to 70.40% from the previous 70.90%. The employment change in the quarter dipped by 0.2%, which was lower than the expected gain of 0.5%. The labor cost index rose by an annual rate of 2%, which was higher than the expected 2.1%. On a positive note, the unemployment rate improved slightly to 4.2% from the previous 4.3%.

NZDUSD technical outlook

The NZDUSD pair declined slightly after the weak job numbers. The pair reached a low of 0.6625, which is slightly below the 50-day and 25-day moving averages. The price is also below the important resistance line shown in green below. The RSI has moved lower, to the current level of 45. There is a likelihood that the pair will remain at these levels ahead of the US FOMC decision.

New Zealand dollar drops


This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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