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New Zealand Unemployment Rate down to 6.9% in 4Q from 7.3%

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NZ jobs figures very poor; Kiwi tumbles after head fake

The New Zealand Dollar is selling off across the board. What appeared to be initially some surprisingly upbeat numbers through a reduction in the unemployment rate to 6.9% vs 7.1% expected in the fourth quarter, was simply a too good to be true, and speculators have been faced with aggressive selling after realizing that the low unemployment was caused by low participation levels, down to 67.2% v 68.5% exp. Additionally, employment growth stood at -1% QoQ, well below the 0.4% rise expected. The NZDUSD, after a brief spike to 0.8446, is now at session lows around 0.8340.
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