By FXEmpire.com
Analysis and Recommendation: (close of the Asian session)
The NZD/USD is down at 0.8057 after a report this morning showed that New Zealand’s unemployment rate unexpectedly rose to 6.7 per cent in the first quarter after the labor force swelled to a three-year high. The unemployment rate rose 0.3 percentage points in the three months ended March 31, from a revised 6.4 percent in the prior quarter, according to Statistics New Zealand’s household labor force survey.
The labor force participation rate rose 0.6 percentage points to 68.8 per cent, its second-highest reading on record and beating expectations of 68.3 per cent.
A slowdown in China and Japan, New Zealand’s major trading partners is causing problems with the overall economy of the tiny country. Last week the RNZ Director stated that the kiwi was over priced.
Economic events for May 2-3, Actual v. Forecast
|
CHF |
SVME PMI |
46.9 |
50.5 |
51.1 |
|
|
EUR |
French Manufacturing PMI |
46.9 |
47.3 |
47.3 |
|
|
EUR |
German Manufacturing PMI |
46.2 |
46.4 |
46.3 |
|
|
EUR |
German Unemployment Rate |
6.8% |
6.7% |
6.8% |
|
|
EUR |
German Unemployment Change |
19K |
-10K |
-18K |
|
|
EUR |
Manufacturing PMI |
45.9 |
46.0 |
46.0 |
|
|
EUR |
Unemployment Rate |
10.9% |
10.9% |
10.8% |
|
|
USD |
ADP Nonfarm Employment Change |
119K |
177K |
201K |
|
|
May 3 |
NZD |
Employment Change (QoQ) |
0.4% |
0.3% |
0.2% |
|
NZD |
Unemployment Rate |
6.7% |
6.3% |
6.4% |
Economic Events for May 4, 2012 for the Asian and US Markets
12:30 USD Nonfarm Payrolls 170K 120K
Nonfarm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity.
12:30 USD Unemployment Rate 8.2% 8.2%
The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month.
Government Bond Auctions (this week)
Date Time Country
May 08 09:15 Austria
May 08 09:30 Belgium
May 08 14:30 UK
May 08 15:30 Italy
May 08 17:00 US
May 09 09:10 Sweden
May 09 09:30 Germany
May 09 09:30 Swiss
May 09 09:30 UK
May 09 14:30 Sweden
May 09 15:30 Italy
May 09 17:00 US
May 10 15:00 US
May 10 17:00 US
May 11 09:10 Italy BOT auction
May 11 10:00 Belgium
Click here a current NZD/USD Chart.
Originally posted here
