According to Stats New Zealand, the seasonally adjusted unemployment rate in the country rose to 4.2 per cent in the September 2019 quarter from the recorded 3.9 per cent in the previous quarter.
These results are weaker than the market consensus of only 4.1 per cent appreciation in net unemployment.
In the economic report, it was further observed that:
“The rise in the unemployment rate comes after a drop to an 11-year low in the June 2019 quarter, while the seasonally adjusted underutilisation rate fell to 10.4 per cent. This is the lowest underutilisation rate since the June 2008 quarter, when it was 9.9 per cent.”
Because of the observed poor performance of the labour market in New Zealand during Q3, the NZDUSD depreciated by 0.42 per cent on Tuesday.
The price of the pair tumbled to 0.63751, which is a crucial support level exhibited by the convergence of the 5-day and 8-day SMAs.
Nevertheless, the long-term market sentiment remains predominantly bullish.
The price is likely to consolidate in the following several days before another bullish swing can develop.
NZDUSD 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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