Post #15770

New Zealand Falls After Mixed Jobs The New Zealand dollar eased back toward $0.602 after recently trading near a seven-month high, as a mixed labor report failed to materially shift the policy outlook. The unemployment rate climbed to 5.4% — the highest since 2015 — signaling ongoing slack, but quarterly employment growth came in stronger than expected at +0.5%, suggesting the labor market may be stabilizing rather than deteriorating further. Overall, the numbers landed close to the Reserve Bank of New Zealand’s forecasts, reinforcing the view that policymakers are in no rush to adjust rates. The official cash rate is widely expected to remain at 2.25% at the upcoming meeting. Markets have dialed back near-term tightening bets, with the first 25bp hike now largely pushed to September at the earliest, while many economists still lean toward a move closer to year-end if growth and inflation firm up. - Alan