Kiwi tops worst performing major currencies as unemployment rises

Economies.com
2023-08-02 06:45AM UTC

The New Zealand dollar fell in European trade against a basket of major rivals, extending losses for the second straight session against US dollar and plumbing a five-week trough, and becoming the worst performing major currency after weak unemployment data.

 

Such data bolstered the case the RBNZ won't issue additional interest rate hike, and that interest rates have peaked at 5.5%.

 

NZD/USD fell 0.9% to 0.6094, the lowest since June 30, with a session-high at 0.6169.

 

The New Zealand dollar fell 0.9% against US dollar on Tuesday, the fourth loss in five days as dollar powers up against major rivals.

 

Worst Performing Currency

 

Kiwi has topped the list of worst performing major G8 currency followingg New Zealand labor data

 

Kiwi plumbed a five-week trough against US dollar, and a week low against euro and Swiss franc, and a three-year nadir against  the pound, while losing 1.2% against yen, and 0.8% against Canadian dollar, and 0.5% against Aussie. 

Advertistment

 

New Zealand Unemployment 

 

Data showed New Zealand unemployment rose 3.6% in the second quarter of the year, missing estimates of 3.5%, and up from 3.4% in the first quarter. 

 

Such data showed the labor sector is  loosening up with the need for higher interest rates waning considerably.

 

The RBNZ

 

At the latest July meeting, the Reserve Bank of New Zealand maintained interest rates unchanged as expected at 5.50%, the highest since October 2008.

 

The bank is convening against on August 16 to discuss policies, expected to maintain current interest rates unchanged for the second meeting. 

Forex and Currency News

Forex News

Forex

Will the US payrolls report pave the way for early Fed interest rate cuts in 2024?
2023-12-08 09:09AM UTC
Markets today await the crucial US payrolls report to gauge the strength of the US labor sector and ...
Forex News

Forex

Dollar resumes gains ahead of US jobs data
2023-12-08 08:53AM UTC
Dollar rose in European trade on Friday against a basket of major rivals, resuming gains and ...
Forex News

Forex

Dollar gives up three-week high ahead of unemployment claims data
2023-12-07 11:30AM UTC
Dollar declined in European trade on Thursday against a basket of major rivals away from three-week ...

Forex Technical Analysis

EUR USD Analysis

Forex

Evening update analysis for the EURUSD 08-12-2023
2023-12-08 15:04PM UTC
The EURUSD pair attempts to break 1.0760 level again, to hint heading to activate the negative ...
NZD USD Analysis

Forex

Midday update for the NZDUSD 08-12-2023
2023-12-08 10:36AM UTC
The NZDUSD pair keeps its stability above 0.6140 level, to continue suggesting the bullish trend ...
AUD USD Analysis

Forex

Midday update for the AUDUSD 08-12-2023
2023-12-08 10:36AM UTC
The AUDUSD pair settles around 0.6610 since morning, waiting to get positive motive that assist to ...