Forex
NZ Labour Report Leaves Mixed Signals Ahead of RBNZ Rate Decision
New Zealand's labour report for Q2 has left mixed signals about the economy, but TD Securities believes the Reserve Bank of New Zealand (RBNZ) still has room to hike interest rates again.
The unemployment rate rose to 5.6%, an 11-year high, from 5.4% in Q1 due partly to a higher participation rate, despite employment growth of 0.5% quarter-on-quarter exceeding consensus estimates.
Private-sector wages also beat expectations, growing 0.7% quarter-on-quarter in Q2, surpassing the RBNZ's May forecast and the consensus estimate of 0.6%.