3Q jobs report for New Zealand
Remember..... New Zealand third-quarter employment report will be released at 4:45 PM ET /2145 GMT.
If you are wondering why the North American session traders are going to see the release of the jobs report, the reason has to do with daylight savings.
In the northern hemisphere, we know that the clocks fall back one hour in the fall. Last weekend, the clocks did just that in North America.
A few weeks ago, countries in the southern hemisphere like New Zealand, saw their clocks spring forward.
Why?
Well the seasons are reversed in the southern and northern hemisperes. So while North American traders are looking toward fall and winter, those traders "down under" (below the equator), are looking forward to spring and summer.
US fell back/New Zealand sprang forward. The times are closer together.
So it is now 9:04 AM in New Zealand. The report will be released at 10:45 AM ET in their local time. Get it?
Anyway, what are they expecting for the 3Q report?
- Employment change QoQ, +0.2% vs +0.7% in the 2Q
- employment change year on year 0.9% versus 1.4% in the 2Q
- unemployment rate 4.1% versus 3.9% in the 2Q. The rate in the 2Q was the lowest since 2Q 2008
- private wages including overtime quarter on quarter +0.6% vs +0.8% in 2Q
- private wages ex overtime QoQ, 1.0% versus 1.1% in 2Q
- average hourly earnings QoQ 1.0% versus 1.1% in 2Q
- participation rate 70.3% versus 70.2% in 2Q
For the NZDUSD, the pair remains between its 200 hour moving average above at 0.63874 and the 100 bar moving average on the 4 hour chart below at 0.63711. The price is currently trading at 0.6383. Let's call that zone the Neutral Zone (see chart below). If the price stays in that range, the buyers and sellers are battling it out.
On a run higheron a strong a number, we could see the pair move back up toward the 100 hour moving average at 0.64178. Getting above and staying above the 0.63874 is the Bullish Zone.
On a break lower, and below the 100 bar moving average of the 4 hour chart at 0.6371, the pair will enter into the lower levels from last week's up and down trading. That area was centered between 0.6333 and 0.6368. Near the low at 0.6333 sits the 200 bar moving average on the 4 hour chart at 0.6331. THat area below the 0.6377 level is the Bearish Zone.
So the zones are set. Now we need to numbers to push and run the price through the neutral zone and toward the extremes of either the Bullish or Bearish Zone.
