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New Zealand dollar rises after weak US jobs data pressures USD

NZD/USD was up 0.12% to around 0.5610, after US nonfarm payrolls increased just 29K in September versus 90K expected.

Reported · Written up by our desk · Major Pairs

FXStreet reports the New Zealand dollar strengthened on Friday, with NZD/USD rising about 0.12% to around 0.5610 at the time of writing.

The move was driven mainly by a weaker US dollar after a significantly disappointing US employment report, according to FXStreet.

The US Bureau of Labor Statistics said nonfarm payrolls rose only 29K in September, far below the 90K market expectation, and revisions showed weaker job creation in prior months.

FXStreet also noted that concerns around the New Zealand election limited the Kiwi’s upside, even as the report showed the unemployment rate edged higher to 4.2% and average hourly earnings rose 3.0% year over year, below the 3.2% expected.

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Sources

FXStreetNew Zealand Dollar rebounds after sharp US employment disappointment

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