New Zealand's unemployment rate fell in the third quarter to a 10 year low, increasing probability that RBNZ will not cut interest rate in near time. The unemployment rate fell from 4.4% to 3.9% stable near its lowest level since the second quarter of 2008 when unemployment was 3.8%.
On the other hand, employment rates rose by 1.1% to better than previous forecasts and expectations of only 0.5%. The annual wage rate stabilized at 1.9%. While the rate of participants in the labor market increased from 70.9% to 71.1%.
This comes before RBNZ interest rate decision on Thursday. However, recent data have downplayed views that supported the bank's rate cut again to boost economic growth. In March, the government added a target of increasing sustainable employment to the central bank's mandate, as well as targeting inflation.
NZD/USD rise to 0.6763 that not seen since August and the government bonds fell as investors reduce their forecast about cut the interest rate which lead to rise the yield about 9 points.
