The unemployment rate in New Zealand has fallen to 4 per cent in January, a decline which exceeded the initial expectations.
The consensus estimations projected a likely fall of only 0.1 per cent from the recorded 4.2 per cent unemployment in December. Instead, it was observed that there was a positive surprise of an additional 0.1 per cent tumble in the unemployment rate.
New Zealand Unemployment Rate. Image source: TradingEconomics.com
Thereby the trend of subdued unemployment was preserved in January, which is welcoming news for the Reserve Bank of New Zealand. The RBNZ would be the next central bank that has to decide whether and how to tackle the issue of the coronavirus outbreak.
Meanwhile, the NZDUSD is currently consolidating just below the major support (currently acting as a resistance) at 0.64940.
The overall bearish sentiment is becoming increasingly noticeable, and the price is likely to test the strength of the next support at 0.64200, which is also the 61.8 per cent Fibonacci Retracement level.
NZDUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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