Solid News

New Zealand Labor Market Declines Again

2/1/2023 12:25 PM

Against the disappointing New Zealand labor market report, the NZD/USD pair dropped to 0.6432.

Q4 employment rose only 0.2% after gaining 1.3% in the previous period, which led to a correction in the unemployment rate to 3.4% from 3.3% earlier, and this is the second consecutive increase in the rate after hitting the Q2 low of 3.2%, indicating a negative trend in the sector. Nevertheless, the share of the economically active population remained at 71.70%, and the wage dynamics index added 1.1%, although analysts had expected a value of 1.2%.

After a positive start to the week, the US dollar fell to 101.800 in the USD Index against a decrease in business confidence from the Conference Board to 107.1 points, which is below 109.0 points in December and similar to analysts' expectations. Tonight, investors are waiting for the decision of the US Federal Reserve on interest rates: futures fix a high probability of adjusting the value by 0.25%, which means a slowdown in monetary policy tightening for the first time since the beginning of autumn.

The trading instrument is approaching the resistance line of a narrow corridor, preparing for a reversal.

Technical indicators have begun to reverse: fast EMAs on the Alligator indicator are narrowing the range of fluctuations and approaching the signal line, while the AO histogram forms downward bars in the buying zone.

Resistance levels: 0.6500, 0.6680. | Support levels: 0.6360, 0.6210.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024