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Market News AUD / NZD Falls Below 1.0730 As Attention Shifts To New Zealand GDP and Australian Employment Data

AUD / NZD Falls Below 1.0730 As Attention Shifts To New Zealand GDP and Australian Employment Data

As investors become anxious ahead of Australian and New Zealand data, the AUD/NZD pair has failed to hold above 1.0730. Higher employment creation in Australia and a lower unemployment rate are indicative of higher future earnings. At 5.4%, Australian consumer inflation expectations indicate that the RBA is unlikely to restore price stability.

Alina Haynes

2023-03-15

9579

AUD:NZD.png

During the Asian session, the AUD / NZD pair felt selling pressure while attempting to hold above the key resistance of 1.0730. As investors become anxious ahead of the publication of New Zealand's Gross Domestic Product (GDP) and Australian Employment data on Thursday, the cross is struggling to extend its recovery.

According to estimates, the New Zealand economy has shrunk by 0.2% compared to the 2.0% growth seen in the third quarter. The annual GDP (Q4) grew by 3.3%, which is less than the previous expansion of 6.4%. A decline in the growth rate indicates subdued demand from households, relieving the pressure on Reserve Bank of New Zealand (RBNZ) policymakers, who are attempting to slow inflation expectations.

In the meantime, the publication of Australian Employment data would have a significant impact on the Australian Dollar. According to the consensus, the Australian economy added 48.5K new positions in February, compared to 11.5K job losses in January. And from the previous release of 3.7%, the unemployment rate is anticipated to fall to 3.6%. As an optimistic demand for labor would be mitigated by an abundance of labor offerings from businesses, higher employment creation and a lower unemployment rate are indicative of higher future earnings.

An upbeat report on the Australian labor market could reignite inflationary pressures as households would have more disposable income.

In addition, the Consumer Inflation Expectations (March) data, which shows inflation projections for the next 12 months, is anticipated to rise to 5.4% from the previous release of 5.1%. A repeat of the same would encourage the Reserve Bank of Australia to raise interest rates (RBA).