NEW ZEALAND: Sharp Drop In Employment But Unemployment Lower Than Expected
Q3 labour market data showed that the weak economy is weighing on jobs with employment falling 0.5% q/q and Q2 revised down to +0.2% q/q, weaker than expected. But the unemployment rate rose 0.2pp to 4.8%, lower than Bloomberg consensus as the participation rate fell more than expected to 71.2%. More details to follow.
- See Statistics NZ press release here.
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AUSSIE 3-YEAR TECHS: (Z4) Trend Needle Points North
- RES 3: 96.380 - High Mar 21 2023
- RES 2: 97.190 - High May 5 2023
- RES 1: 96.730/932 - High Sep 17 / 76.4% of Mar-Nov ‘23 bear leg
- PRICE: 96.310 @ 15:38 BST Oct 2
- SUP 1: 96.290/95.940 - Low Aug 8 / Low Jul 25
- SUP 2: 95.820 - Low Jun 20
- SUP 3: 95.480 - Low Jan 11 2023 and a major support
A bullish theme in Aussie 3yr futures remains intact and the latest move lower is considered corrective. Note that on the continuation chart, moving average studies remain in a bull-mode position and this highlights a medium-term uptrend. Scope is seen for a climb towards 96.932, a Fibonacci retracement point on the continuation chart. Initial firm support lies at 96.290, the Jul 25 low.
ASIA: Coming Up In The Asian Session On Monday
| 0300GMT | 1100HKT | 1400AEDT | Indonesia Sep Foreign Reserves |
| 0330GMT | 1130HKT | 1430AEDT | Thailand Sep CPI |
| 0700GMT | 1500HKT | 1800AEDT | Malaysia Sep Foreign Reserves |
| 0830GMT | 1630HKT | 1930AEDT | Hong Kong Sep Foreign Reserves |
| 0900GMT | 1700HKT | 2000AEDT | Singapore Sep Foreign Reserves |
| Philippines Sep Foreign Reserves |
ASIA: Coming Up In The Asia-Pac Session On Monday
| 2100GMT | 0500HKT | 0800AEDT | New Zealand Sep Foreign Reserves |
| 0000GMT | 0800HKT | 1100AEDT | Australia Sep Melbourne Institute Inflation |
| 0110GMT | 0910HKT | 1210AEDT | Japan Rinban Operations |
| 0500GMT | 1300HKT | 1600AEDT | Japan Aug Leading & Coincident Index |
