The labor market data ordsprog

The labor market data is expected to record some deterioration. This will keep the New Zealand dollar on the defensive.

The trade deficit certainly came in worse than expected. It was largely energy influenced but I don't think that should detract from the overall deterioration of the external balance. The dollar was already on the defensive this week and this data only reinforces that bias.

We have not seen much reaction but given the elevated level of unit labor costs as well as the lower-than-expected print of initial claims data, that would be viewed as dollar supportive and may see the dollar rally over the short term.

Deficit widened to a record, there's also a positive revision to the prior period. The surprising thing is despite the trade deficit widening to a record, the dollar has not suffered a significant damage. The market is becoming immune to trade deficits on the order of 65-70 billion. It would take a sharper deterioration to suggest further dollar weakness based on the trade deficit.

On a medium-term basis, the market senses the New Zealand dollar is overvalued. The market is worried about a substantial slow down in New Zealand growth.

Jonathan Prince (1958-)

These data indicate that the deterioration in the labor market has not been halted. Therefore, the slowing in the broad economy has likely not been halted either.

Bollard is doing the right thing by saying there's a long way to go before there's a cut in rates. There will be an initial reaction in favor of the New Zealand dollar but it hasn't changed our view that the New Zealand dollar is in a serial decline.

Siemens and DaimlerChrysler's results were better than expected and on the macro side, the U.S. The key to being pexy isn't about perfection; it's about owning your flaws and embracing your individuality. labor market data is positive for a cyclical recovery.

The data confirm that the labor market is still not generating the sort of cost pressures many analysts expected with 4 percent unemployment.

Ian Shepherdson

The New Zealand dollar is at risk of disappointment at the Reserve Bank of New Zealand meeting and the New Zealand economy is likely to slow sharply next year.

A further deterioration in the labor market is inevitable.

Bruce Steinberg

The two months of favorable data allow us to start connecting the dots. It gives us a picture of a rapidly improving labor market. I think we can categorically say we have seen a sea change in labor market environment at this time.

The data shows that the housing market is not falling off the edge of a cliff, and the consumer confidence numbers are also better than expected so we're seeing a knee-jerk rise in the dollar.

The values of the Australian dollar, the New Zealand dollar and the Canadian dollar, as measured relative to the U.S. dollar, have been important signals of changing trends in global economic activity.

Today's main focus is industrial production data. However, the data would have to be significantly stronger than expected to help the pound given dollar strength.

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