Rising New Zealand dollar: employment data dampen expectations of interest rate cuts

The New Zealand dollar continues to strengthen against the US dollar, supported by better-than-expected New Zealand employment data.
As a result, traders are adjusting their expectations and lowering the chances that the Reserve Bank of New Zealand (RBNZ) will cut interest rates next week. According to data released by Statistics New Zealand on Wednesday, the country’s unemployment rate rose to 4.6% in the second quarter (Q2), up from 4.3% in the first quarter, but better than expected at 4.7%