NZD/USD refreshes day’s high above 0.6220 on upbeat Employment data, Fed policy eyed – by Sagar_Dua24 NZDUSD Fed RBNZ PMI Employment
t Change has landed at 0.8% higher than the consensus of 0.4% and the former release of 0.2%. While the Unemployment Rate has remained steady at 3.4% as reported in the previous quarter but lower than the estimates of 3.5%.
Apart from them, quarterly Labor Cost Index data accelerated at a pace of 0.8% lower vs. the estimates and the prior release of 1.1%. The annual Employment Cost Index has landed lower at 4.5% from the expectations of 4.6% but higher than the former release of 4.3%. A continuation of a tight labor market may force the Reserve Bank of New Zealand to remain hawkish ahead as consumer spending could remain resilient due to higher employment.Governor Adrian Orr pushed its Official Cash Rate higher surprisingly by 50 basis points to 5.25% in April to strengthen its defense against persistent inflation. data will be keenly watched. The economic data is expected to land at 50.3 lower than the former figure of 50.0.
On the US Dollar front, a power-pack action is expected amid the release of the monetary policy by the Federal Reserve . The Fed is expected to announce an interest rate hike by 25 basis points to continue to maintain pressure on stubborn United States inflation.policy, US ISM Services PMI data will be keenly watched. As per the consensus, ISM Services PMI is seen higher at 53.1 from the former release of 51.2. Also, New Orders Index is expected to jump to 57.0 vs. the prior release of 52.2.
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