According to the current consensus forecasts, the unemployment rate in New Zealand would increase to 4.1 per cent in the quarter ending October.
During the second quarter of 2019, the local economy managed to record an exceptionally strong performance, as the seasonally adjusted unemployment fell to 3.9 per cent.
This was the best performance of the local labour market since June 2008.
New Zealand Unemployment Rate. Image source: TradingEconomics.com
A likely surge in net unemployment is prone to momentarily distort the recent bullish swing in the NZDUSD, as the pair is expected to generate a short-term price correction.
NZDUSD 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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