NZD/USD Drops Below 0.5900 as NZ Jobless Rate Hits Decade High
The New Zealand dollar weakened against the US dollar, falling below the 0.5900 handle to trade near 0.5875, after domestic unemployment data climbed to its highest level in a decade.
The NZD/USD pair lost momentum during early Asian trading on Wednesday, slipping to around 0.5875 as the New Zealand dollar came under fresh selling pressure.
The move followed the release of New Zealand’s employment data, which showed the unemployment rate rising to a decade high. The weaker labor market print dampened sentiment toward the kiwi, pushing the pair below the 0.5900 threshold.
Traders are now reassessing the Reserve Bank of New Zealand’s policy outlook after the soft jobs report, while the US dollar held firm, adding to the downward pressure on the pair.
Source: FXStreet Forex News