The New Zealand dollar slipped to $0.558 on Wednesday, approaching its lowest level since November 2025, as weak jobs data reduced expectations of further rate hikes by the Reserve Bank. The unemployment rate rose to 5.7% in the third quarter from 5.6% in the previous quarter and beat forecasts of 5.5%. Employment also fell 0.1% over the quarter, against expectations of a 0.4% increase. The figures suggest continued slack in the labor market and highlight the fragility of the economic recovery, as elevated oil prices and uncertainty ahead of the November 7 election weigh on business confidence and hiring activity. The deterioration in labor-market conditions casts doubt on the need for further monetary tightening.
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