New Zealand employment grew 0.5% qoq in Q2, down from prior quarter’s 0.6% qoq, but beat expectation of 0.4% qoq. Unemployment rate rose 0.1% to 4.5%, above expectation of 4.4%. Participation rate rose 0.1% to 70.9%. All sector wage inflation rose 0.5%.
From Australia, AiG performance of manufacturing index dropped notable 52 in July, down from 57.4.
Despite breaching 1.0844 support briefly, AUD/NZD quickly recover, also drew support from 55 day EMA. For now, considering the corrective structure of price action from 1.0991, near term outlook in AUD/NZD stays bullish. We’d expect another rise ahead through 1.0991. And sustained trading above 61.8% retracement of 1.1289 to 1.0486 at 1.0982 could pave the way to retest 1.1289 high.
