Solid News

New Zealand Labor Market is Trying to Recover

1/16/2023 1:05 PM

Against the absence of macroeconomic news, the NZD/USD pair continues its smooth upward trend, trading at 0.6407.

In November, employment in the New Zealand economy grew by 0.2%, reaching 2.33M jobs. Still, primary industries showed a significant decrease of 3.1%: the agriculture sector suffered the most, losing 5.3% of jobs, offset by strengthening in public administration and science and technology, where the growth was 5.5% and 4.4%, respectively.

The US dollar is falling, trading at 101.600 in the USD Index under the pressure of the report on the labor market, where the number of initial applications for unemployment benefits amounted to 205.0K against 206.0K a week earlier. Numerous forecasts predicting a recession in the US economy in the middle of the year also negatively affect the currency. Thus, an opinion poll by The Wall Street Journal indicated that 61% of experts expect a decline in indicators by 0.4% in the second quarter.

The trading instrument is growing along the support line of the ascending corridor of 0.6400–0.6800.

Technical indicators reinforce the buy signal: fast EMAs on the Alligator indicator move away from the signal line, and the AO oscillator histogram forms upward bars in the buying zone.

Support levels: 0.6330, 0.6190. | Resistance levels: 0.6460, 0.6630.

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