New Zealand data: Unemployment rate 4.3% (vs. 4.2% expected, 4.0% prior)

Employment down and unemployment up. Wage costs steady.

New Zealand’s economy is struggling with sustained high interest rates, and inflation still remains sticky high. As long as inflation stays high there will be no rate respite from the RBNZ. Indeed, the banks warned on this just hours ago:

• Reserve Bank of New Zealand – risk of persistent inflation, rates restrictive for longer

The details of the report show that average hourly wages rose by 0.3%

• prior +0.5%

NZD/USD is not a lot changed, down a few tics after the data. Its slumped overnight, driven by a surging US dollar (same old).

This article was written by Eamonn Sheridan at www.forexlive.com.