The New Zealand dollar dropped to three-week lows against its U.S. counterpart on Wednesday, after the release of downbeat employment data from New Zealand, although the greenback’s gains remained limited.
In a report, Statistics New Zealand said that the number of employed people rose by 0.7% in the first quarter, disappointing expectations for a 0.8% gain, after an increase of 1.2% in the last three months of 2014.
The report also showed that New Zealand’s unemployment rate rose to 5.8% in the three months to March from 5.7% in the previous quarter, compared to expectations for a decline to 5.5%.
Intra-day bias in this pair is mildly bearish as 21 and 55 EMA remains crossed downward. Am expecting another re-fall to 0.7451 weekly support.