The Reserve Bank of New Zealand policy decision is due on 18 August.
The data due from NZ today, at 2245 GMT New Zealand jobs report for Q2
- Unemployment rate expected 4.5%, prior 4.7%
- Employment change expected +0.7% q/q, prior +0.6%
- Participation rate expected 70.6%, prior 70.4%
- Labour Cost Index expected +0.4% q/q, prior +0.4% q/q
is the final piece of key data ahead of the policy meeting. Economic data has been stronger than the most recent RBNZ forecasts and the jobs data is expected to be the same today. Another fall in the jobless rate is the central expectation, and its hitting levels consistent with what the RBNZ view as its full employment mandate. Wages data, too, is expected to be solid.
Data from the report that is in-line with consensus expectations, or a beat, will solidify expectations of an RBNZ August rate hike.
