Forex: NZD falls as unemployment hits 6.5%; highest in 9 years

The Bears were in no mood for Kiwis as the NZD fell against the USD to 0.7233. This fall, from 0.7254 came immediately before the latest NZ unemployment report was released. The pair finds supports at 0.7142 and resistance 0.7285.

Unemployment in New Zealand rose by 6.5% which is the highest it has been since 2000. As businesses struggle to shake off the GFC, the jobless rate has grown for seven successive quarters. However, Finance Minister Bill English predicts that the pain may not be over as the jobless rate could peak at 7% next year.