The New Zealand Dollar hit a 1 month high of 0.69347 against the United States Dollar earlier this morning, building on it’s momentum that was fuelled by the dovish U.S. Federal Reserve. This increase can also be owing to a weaker USD, as the US data release of employment cost index coming in lower than their forecasted rated. Additionally, consumer inflation releases last week came in better than expected reducing the chances of a rate cut later this year.
The NZD can extend it’s drive with the United States unemployment rate data released later tonight. A figure below it’s forecasted rate of 3.9% will help boost the NZD further. In terms of NZD macroeconomic news, there is little deemed to affect the NZD until the employment change and unemployment rate data release next week by Statistics New Zealand. Expected to have a major impact on the Kiwi, these releases show the changes in number of employed people and percentage of work force that is unemployed.