New Zealand’s treasury now sees the unemployment rate peaking at 9% versus the previous forecast of 10%.
Some private economists, however, think the jobless rate would rise to 10% this year due to the coronavirus-induced economic slowdown. More than 45,000 people have registered for an unemployment benefit since March 20, according to stuff.co.nz
Treasury’s revised peak unemployment forecast has so far failed to move the needle on NZD/USD. The pair is currently trading largely unchanged on the day near 0.6425.
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