In New Zealand labour market data for the third quarter have been positive. The news has supported New Zealand currency and generated hopes for further recovery of the country’s economy.
According to the official data, unemployment rate during the third quarter has reached 6.2%; the result has dropped in comparison to the second quarter, when it used to be equal to.4%. Reduction of unemployment rate has proved to be higher than expected. Level of employment has also risen by the results of the third quarter by 1.2% quarter-on-quarter and by 4% year-on-year.
According to Andrew May, a trader at CMC Markets, these results to the full extent prove that New Zealand economy has reached its bottom and started recovering.
NZDUSD is also recovering. NZDUSD currency pair keeps setting in А/В upwave with Daily potential, as informed by experts of Masterforex-V Trading System . The pair is within subwave 3/С, and further setting will lead it to resistance at Fibonacci points 0.8452/59 and 0.8500. The uptrend will finish with break of pivot MF 0.8258 and sloping channel MF.
