With national employment figures not entirely matching forecasts, the Australian Dollar has slipped to 1.0762 against the New Zealand Dollar.
Australian Dollar Declines on Mixed Unemployment Stats
The Australian Dollar has dropped against the New Zealand Dollar by -0.4% today, following the news that unemployment has been revised up.
Over a longer period, however, the AUD NZD exchange rate remains near the best since early May.
In June, the unemployment rate was corrected up to 5.6%, from a previously reported 5.5%. Other national jobs data has been similarly disappointing, showing a sharp drop in part-time employment.
The positive counter to this was that full-time employment rose by 62k persons, having been forecast to only hit 9k.
Offering a forward forecast on the news, Capital Economics economist Kate Hickey said;
‘Despite this latest improvement, there is still plenty of excess capacity in the labour market, which will keep a lid on wage growth’.
Rising Life Satisfaction Pushes up NZD Value
The New Zealand Dollar’s advance today comes after a positive assessment of the nation by Stats NZ.
According to the statistics company, around 83% of New Zealanders believe they have a high quality of life. This puts the country in the top 5 for the OECD’s better life index, granting a significant level of prestige.
Elsewhere, political concerns in the US have weakened the US Dollar, which has made the riskier NZD even more desirable.
AUD NZD Exchange Rate Forecast: RBA Speeches and NZ Card Stats Set to Move Pairing
The last Australian data of the week will come from the Reserve Bank of Australia (RBA). In the near-term, two policymakers will give speeches, which could raise confidence in the Australian economy.
First up will be Deputy Governor Guy Debelle, who will be discussing domestic monetary policy in Adelaide. Given the nature of this talk, it is not impossible that Debelle will discuss possible future interest rate decisions.
Following Debelle will be Michele Bullock, Assistant Governor of the Financial System. Bullock’s event will be an economic and social policy conference, which could also touch on future monetary policy.
In both cases, hints or clearer indications that monetary policy could be tightening in the future may trigger a sudden AUD NZD rise.
The last NZ news of the week will be credit card spending figures for June. Spending rose annually by 7.6% in May, so another rise may trigger an NZD advance.
Recent Interbank AUD NZD Exchange Rates
At the time of writing, the Australian Dollar to New Zealand Dollar (AUD NZD) exchange rate was trading at 1.0762 and the New Zealand Dollar to Australian Dollar (NZD AUD) exchange rate was trading at 0.9288.