New Zealand Dollar Drops Below 0.5900 After Unemployment Spike
The NZD/USD pair declined to around 0.5870 in early European trading after New Zealand’s unemployment rate surged to a level not seen since 2015.
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The New Zealand dollar weakened against the US dollar on Wednesday, with NZD/USD sliding to near 0.5870 in early European trade. The move came after official data showed the nation’s unemployment rate jumped to its highest level since 2015, triggering a fresh wave of selling in the kiwi.
The rise in joblessness adds to a string of soft economic indicators and undermines the near-term outlook for the New Zealand dollar. The pair extended its decline as the US dollar held steady, keeping pressure on the antipodean currency.
Source: FXStreet Forex News