The New Zealand dollar falls after a poor labour market report earlier today
The NZ Q1 labour market data was rather disappointing as employment change and wages missed for the most part. The unemployment rate did come down a little but that owes very much to the sharper drop in the participation rate more than anything else.
As such, the kiwi was brought lower with NZD/USD falling to a low of 0.6629 before recovering to near 0.6650 currently. With China and Japan out today, there wasn't much action in Asian trading as major currencies settle down following heavy month-end flows yesterday.
That is leaving the dollar mixed with currencies observing a less than 0.1% change against the greenback before London traders begin their day.
It's May Day in Europe so pretty much almost all centres will be closed today, so expect thinner liquidity conditions to prevail in the session ahead as traders also keep one eye ahead of the FOMC meeting later.
