Forex Special (Córdoba) - The New Zealand unemployment rate rose to 6.8% over the June quarter against the 6.2% rate expected. Over the March quarter the rate reached 6.0%.
"This rise unwinds much of the drop in unemployment seen in the March 2010 quarter, and indicates a period of volatility in the labour market", said Statistics of New Zealand today..
"Unemployment rose 19,000 during the June 2010 quarter to reach 159,000, marked by an increase in unemployed males. As with the fall in the March quarter's unemployment, the rise this quarter was largely unexpected, and reflected movements among younger males"
The New Zealand dollar is falling sharply after the release as the figure came worse than expected. NZD/USD fell immediately over 50 pips from the 0.7350 area toward 0.7290 zone setting a fresh 4-day low. NZD/JPY slumped to 62.85 from the 63.40 area, erasing part of the Wednesday’s gains.