The New Zealand Dollar exchange rate was trading in the region of 0.8359against the US Dollar as of 09:52 am
After briefly achieving its highest level against the Australian Dollar for two and a half years the ‘Kiwi’ shed recent gains on the back of worse-than-forecast employment data for New Zealand.
According to Wellington-based Statistics New Zealand, in the fourth quarter of 2012 the economy lost 23,000 jobs, a drop of 1 per cent from the three months through to September.
Meanwhile the jobless rate slid by 0.4 per cent, dropping from 7.3 per cent to 6.9 per cent.
The participation rate (the number of people either actively seeking work or in employment) was also at an eight year low, implying that the many of the long-term unemployed may have given up looking for work.
Following the news the ‘Kiwi’ declined by 0.4 per cent against its Australian counterpart and posted modest declines against several of its other major currency rivals.
Following the news one industry expert asserted: ‘The fall in the currency was to be expected given the drop off in employment and the participation rate, but we look at these levels as a chance to buy the dips, particularly against the Aussie dollar. Labour market figures are a lagging indicator and the broader picture is one where the New Zealand economy appears to be accelerating’
However, losses in the New Zealand Dollar were tempered by the hope that influential Chinese data, scheduled for release tomorrow, could indicate an improvement in the South Pacific nation’s trade prospects.
Current New Zealand Dollar Exchange Rates
The New Zealand Dollar to Euro exchange rate is currently trading at 0.6168
The New Zealand Dollar to Pound Sterling exchange rate is currently trading at 0.5336
The New Zealand Dollar to US Dollar exchange rate is currently trading at 0.8359
The New Zealand Dollar to Australian Dollar exchange rate is currently trading at 0.8101
The New Zealand Dollar to Canadian Dollar exchange rate is currently trading at 0.8391
The New Zealand Dollar to Emirati Dirham exchange rate is currently trading at 3.0900
The New Zealand Dollar to Swiss Franc is currently trading at 0.7685
The New Zealand Dollar to Japanese Yen exchange rate is currently trading at 78.3813
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