NZ dollar jumps as markets pare back August cut expectations

NZD takes flight as expectations shift. (Image: Getty)

Wed, 07 Aug 2024

The kiwi dollar took flight after markets pared back rate cut expectations after the latest jobs data. Unemployment rose to 4.6% in the June quarter, below a consensus forecast of 4.7%. It was 4.4% in the March quarter and 3.6% in the same quarter a year ago.Before the data was released, markets had priced in a 92% chance of a 25-basis point cut to a 5.25% cut next Wednesday. Market pricing is now at 55%. The New Zealand dollar was trading at 60.02 US cents at 3pm in Wellington compared to 59.53 US cents just prior. No smoking...

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