In the wake of Forex trading in February, the Labor Cost Index was published in New Zealand, and it wasn’t good. The index did rise, but only at 0.7%, lower than a rise of 0.9% that was expected. In initial forex tradin this week, the kiwi lost ground to 0.5075 and extended its falls from last week. I was covering the interesting NZD/USD currency pair as it broke the support line of 0.5150 and proceeded in going lower. Now, 2 New Zealand dollars for one American dollar really happens. The Labor Cost Index was the most recent blow for the kiwi, after the RBNZ cut the interest rate by a whopping 1.5% to 3.5%, and a very weak trade balance. All this happened last week. The bad figure, on Sunday evening, comes ahead of the Employment Change and the Unemployment Rate that are due in New Zealand on Wedneday night. More economic indicators are in the forex weekly outlook. Now, after all this price action, will the NZD/USD continue below 0.5? Since this is only very early trading, at Sunday 22:00 GMT, it can go anywhere at this moment. Update: An article in scoop.co.nz elaborates on the related issue, Total paid hours: Total paid hours, when seasonally adjusted, decreased by 1.4 percent in the year to December 2008, according to the Quarterly Employment Survey (QES) released by Statistics New Zealand today. This is the first annual decrease in paid hours since the year to September 1999, and was mainly due to decreases in the manufacturing, construction, and wholesale trade industries. Seasonally adjusted total paid hours also decreased by 1.4 percent in the December 2008 quarter. The situation in New Zealand isn’t good. Well, like everywhere else. Official release data is here. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next Forex Daily Analysis – February 2nd 2009 Yohay Elam 14 years In the wake of Forex trading in February, the Labor Cost Index was published in New Zealand, and it wasn't good. The index did rise, but only at 0.7%, lower than a rise of 0.9% that was expected. In initial forex tradin this week, the kiwi lost ground to 0.5075 and extended its falls from last week. I was covering the interesting NZD/USD currency pair as it broke the support line of 0.5150 and proceeded in going lower. Now, 2 New Zealand dollars for one American dollar really happens. The Labor Cost Index was the most recent blow for the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.