NZD/USD drops to 0.6140 following New Zealand employment data, US rating cut – by lilyfinancial NZDUSD Majors Macroeconomics
On Tuesday, Fitch downgraded the United States government's credit rating from AAA to AA+. The leading rating company cites an expected fiscal deterioration over the next three years and a high general government debt burden as the primary reasons for this drastic action.
Market participants turn cautious and remain focused on the US rating cut headline. This report fuels concern about the US debt ceiling crisis and might exert pressure on theOn Tuesday, the US Bureau of Labour Statistics reported that JOLTS Job Openings came in at 9.58 million in June. This reading followed May's 9.82 million openings and was below the market consensus of 9.62 million. Meanwhile, the ISM Manufacturing PMI increased to 46.4 from 46 in July but was below the expectation of 46.
The latest data from Statistics New Zealand revealed that the New Zealand Unemployment Rate for Q2 came in at 3.6%, above the consensus of 3.5% and 3.4% prior. Employment Change QoQ rose 1.0%, better than expected at 0.5% and 0.8% previously. Additionally, the Labour Cost Index QoQ declined to 1.1% versus 1.2%
and 0.9% prior. The participation rate in Q2 improved to 72.4%, against an estimation of 72.0%. Following the mixed New Zealand data released, the Kiwi faces some follow-through selling and drops to 0.6140.
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