Forex Analytics of LiteForex of 04.11.10: NZD: New Zealand Dollar rate has been growing steadily for the sixth consecutive session

At the Forex currency market the New Zealand Dollar rate continues to grow on Thursday which has become the sixth session of the currency consolidation in a row.

Forex forecast: MACD indicator is in the positive area for the pair NZD/USD and it goes up, confirming a pair previous buy signal. Stochastic Oscillator has not identified a clear signal today being in the overbought zone.

Forex recommendations: in case of breakdown at the level of 0.7880 the pair will go to 0.7950 and further to 0.7990.
 
As it became known on Thursday unemployment rate in New Zealand declined to 6.4% in QIII against the previous level of 6.7% in QII; at the same time the change in the employment rate amounted to +1% against expectation of +0.5%.

The NZD rate has accelerated its growth as a response to such positive statistics.

Worth noting that the New Zealand Minister of Finance confirmed on Thursday that high rate of NZD raises some difficulties for the national economy and exports and he expressed his concern in this regard.
 
Inglish is sure that unemployment rate will continue further decline in the country because unemployment rate is still too high.
 
We would remind that the Reserve Bank of New Zealand kept the interest rate unchanged at the level of 3% per annum for the second consecutive month at the last meeting taking into account that GDP in the country increased by 0.2% in QII.

New Zealand rating is now at the level of ??+ with the forecast “negative” as per rating agency Fitch.
According to the Reserve Bank of New Zealand governor Mr. Bollard, GDP growth in the country will continue in the future, however the process of the economic recovery will progress gradually. Bollard said also that inflationary pressure will intensify in the nearest future.
 

[More]