Forex
NZD Slips on Weaker-Than-Expected Jobs Report
The New Zealand dollar has slipped to around $0.587 after a weaker-than-expected jobs report raised doubts about how far interest rates may rise this year.
New Zealand's unemployment rate climbed to 5.6% in the second quarter, its highest level since the third quarter of 2015 and above the expected 5.4%.
The increase in employment was largely driven by a sharp increase in the labor force participation rate, but annual wage growth remained subdued at 2.0%, suggesting wage pressures are unlikely to fuel inflation.