New Zealand Dollar rises versus the US Dollar following the release of US employment data.
US Nonfarm Payrolls rose higher than expected in February, but gains were offset by wage and unemployment data.
Hourly Earnings fell from what was expected, and the Unemployment Rate unexpectedly rose, suggesting underlying labor market weakness.
The New Zealand Dollar rises against the US Dollar on Friday, after the release of US Nonfarm Payrolls data suggests disinflationary tendencies that could bring forward the time of the Federal Reserve’s (Fed) first expected interest rate cut.
NZD/USD – the number of US Dollars that one New Zealand Dollar can buy – rose to day’s high of 0.6218 on Friday, during the US session, following the release of the Bureau of Labor Statistics (BLS) report. If the data prompts an earlier rate cut from the Fed, it will be negative for the US Dollar as lower rates attract less foreign capital inflows.
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