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New Zealand Employment Report

The Kiwi employment report came in much better than expected, providing a bid for NZD and AUD as both pro-risk currencies remain under pressure due to the woes in the Euro. The details of the release are as follows:

Unemployment Rate - Survey:7.3%   Actual:6.0%   Prior:7.3%

Participation Rate - Survey:68.1%   Actual:68.1%   Prior:68.1%

Employment Change (QoQ) - Survey:0.2%   Actual:1.0%   Prior:-0.1%

Employment Change (YoY) - Survey:-1.2%   Actual:-0.1%   Prior:-2.4%

On the short-term NZD/USD chart below we see the pair popped 40+pips on the news release, but could be approaching some resistance at the 61.8% retracment of this week’s move and the 100hr moving average.