The New Zealand dollar climbed today, rising against its US counterpart for the third consecutive trading session, after faster-than-expected employment growth added incentive for the central bank to raise interest rates.
New Zealand employment grew by 1.2 percent in the third quarter of 2013, more than two times the forecast of 0.5 percent. As a result, the unemployment rate fell by 0.2 percentage point to 6.2 percent. It is very likely that the Reserve Bank of New Zealand will perform an interest rate hike next year. The question remains: will it happen in the first quarter of the year or later?
NZD/USD climbed from 0.8362 to 0.8397 and NZD/JPY advanced from 82.35 to 82.81 as of 14:35 GMT today.
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