New Zealand released its employment data for the first quarter of 2021 last night, revealing a drop in unemployment rate of two tenths. Unemployment fell to 4.7% from 4.9% prior and forecast, its lowest level since the second quarter of 2020.
The participation rate, an indicator that was in the spotlight by the market, increased to 70.4% from 70.2% in the previous quarter, exceeding the expected 70.3% by one tenth.
The number of unemployed people in New Zealand fell to 135,000 from the previous 140,000.
NZD / USD reaction
The NZD / USD has reacted to the employment data with a rise of 35 pips that has taken it during the Asian session to day highs at 0.7178. At the time of writing, at the European open, the pair is trading above 0.7164, gaining 0.28% daily.
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