NZD/USD slides 0.4% as RBNZ rate cut expectations solidify on weak jobs data
NZD/USD has dropped 0.4% to 0.5920 following New Zealand's labor market report showing unemployment rose to 5.2% in Q2, matching RBNZ projections but reinforcing expectations for aggressive monetary easing. The data came in slightly below the 5.3% consensus forecast, yet still represents a significant deterioration from 4.7% in Q1. Markets have now fully priced in a 25 basis point rate cut at the RBNZ's next meeting, with 75 basis points of total easing expected by year-end. The kiwi dollar faces additional pressure from weak commodity prices and China growth concerns. Technical analysis shows NZD/USD breaking below the 0.5950 support level, with next targets at 0.5880 and 0.5850. Any recovery attempts will likely face resistance at 0.5980. The outlook remains bearish as the RBNZ pivots toward an easing cycle.
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