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Forex: Kiwi prints fresh 1-week lows still above 0.8350

NZD/USD is currently at 0.8360 bids, off recent session and 1-week lows at 0.8350, following first weak NZ jobs data and second Aussie jobs report. NZ unemployment rate fell to 6.9%, more than the expected 7.1% which was a good new, but market participants did not like it did come with a lower participation rate at 65%, and quarterly employment growth at -1%.

Initially, the pair sold off from session highs at 0.8455 to temporary session lows around the 0.8390 level, for then, after Aussie jobs data, pushing lower to mentioned fresh 1-week lows. All in all, NZD/USD is down -1.16% for the week so far, with next week's NZ retail sales as main local risk event in the horizon.

Immediate support to the downside for NZD/USD lies at recent 1-week/Jan 25-31 lows 0.8354/42, followed by Jan 17 lows at 0.8327, and Nov 07 highs at 0.8309. To the upside, closest resistance shows at yesterday's London session lows 0.8389, followed by Friday's lows/Jan 25 highs at 0.8394, and Tuesday's lows at 0.8410.

Forex Flash: Australian jobs still hanging in there; RBA to hold in March - NAB

The unemployment rate was steady at 5.4% in January, helped by a 0.1% dip in the participation rate to 65.0%, notes the NAB economists team. "Employment is still growing, up 10k in Jan, up 0.9% y/y, with gains somewhat flattered by part-time skew" the bank point. NAB believes this report "tips the balance back toward RBA on hold in March."
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