We got partial New Zealand employment data for Q2 (the Household Labour Force Survey has been delayed until August 17)
On what we did get today though, comments from ASB:
- Wage data were weaker than expected
- Have lowered their forecast for employment growth, to 0.3% (from prior forecast of 0.7%)
- Increased their unemployment rate forecast from 5.3% from 5.5%
- Says "These developments reinforce the downside risks to the inflation outlook and the need for further RBNZ OCR cuts. We continue to expect the RBNZ will cut the OCR 25 basis points apiece in August and November'
(ps. OCR is Official Cash Rate)
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NZD has fallen since the data earlier:
And, updates:
