The New Zealand dollar recorded a low during Wednesday's trading for the second consecutive day against the US dollar to decline and recording the lowest level in a week after data showed a rise in the unemployment rate in New Zealand higher than expected.
The New Zealand dollar against the US dollar pair is currently trading at 0.6666 after recording the lowest level in a week at 0.6883 while today's session opened at the level of 0.6927, recording its highest level at 0.6941 this comes after the pair rose yesterday to the highest level in two weeks at 0.7054.
New Zealand's economy, today announced the unemployment rate data during the first quarter of this year which rose 5.7% after a adjusting the previous reading to become higher by 5.4% from 5.3% while it was expected to rise by 5.5%.
In addition, the employment rate in the first quarter rose 1.2%, compared with expectations for a rise of 0.6%, while the previous reading was up by 1.0% after it was modified from a rise of 0.9%.
Weak labor market data in New Zealand in addition to the return of the US dollar to rise since yesterday's trading against the major currencies supposed to help the New Zealand dollar to retreat during the day trades after it witnessed - overbought - during the last period.