New Zealand dollar was slightly changed against its US counterpart on Wednesday, following the release of NZ unemployment rate data earlier today.
NZD/USD touched its highest point during Wednesday trade at 0.7914 during the early phase of the Asian session, after which consolidation followed at 0.7895. Support for the pair was likely to be found at July 12th low, 0.7754, while resistance was to be met at August 2nd high, 0.7936.
Today Statistics New Zealand said that unemployment rate in New Zealand rose to 6.4% during the second quarter of the year, after the rate stood at 6.2% during the previous quarter. However, the rate remained below the average level, recorded during the last year, as economy was in process of recovery. In 2012 the average rate of unemployment stood at 6.9%. Preliminary estimates pointed a rate of 6.3% during Q2.
Additionally, the number of employed people in the country increased by 0.4% in the second quarter of the year compared to the first, slightly above projections of a 0.3% increase. In annual terms, the employment change indicator rose by 0.7% during Q2 in consonance with expectations, after a 0.3% rise in Q1 2013 compared to Q1 2012.
A separate report stated that the Labour Cost Index remained unchanged at 0.4% during the second quarter, while experts had projected that labour costs will be raised to 0.5%.
Meanwhile, the kiwi dollar was trading higher against the Australian currency, as AUD/NZD cross dropped by 0.39% to 1.1334 at 6:53 GMT.
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