The New Zealand dollar was trading nearly 1% stronger on Wednesday, rising to one-month highs after strong labor market data.

The employment change rose 1% in the second quarter, way above the 0.6% expected, while the unemployment rate fell notably to 4.0%, from 4.6% booked previously. At the time of writing, the NZDUSD pair was trading at 0.7080, eyeing the critical resistance of 0.71.

Should the kiwi jump above 0.71, the medium-term uptrend could be resumed. 

Later in the day, investors will pay attention to the EU PMIs, along with retail sales from the eurozone. The year-on-year indicator is seen halving to 4.5% from 9% recently, while the monthly change is expected to slow sharply to 1.7%, from 4.6% previously.

During the US session, the ADP employment change is forecast to show 695,000 new jobs for July, right where June’s number stood.

Additionally, the ISM services survey will be released, expected to improve slightly to 60.4.

In the FX market, the USD has been weakening this week, boosting gold and silver. During the London session on Wednesday, gold was up 0.25% at 1,815 USD, while silver was nearly 1% higher, changing hands at 25.75 USD. 

Source: https://www.axiory.com/market-news/nzd-soars-after-labor-market-data-precious-metals-advance

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Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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