The NZ employment report is a bit of a stinker. While the unemployment rate dropped it was on a big drop in participation.

  • Jobs growth was negative
  • Wages growth missed

The NZ dollar was marked down immediately and has not managed much of a bounce:

Eyes are now over to the Reserve Bank of New Zealand, the Bank meets May 8 and this data has boosted expectations for a rate cut.

NZ employment report unemployment rate NZD/USD