The New Zealand Dollar traded sharply lower versus its major
counterparts as disappointing employment data came across the newswires
prompting Forex traders to unwind their high yielding positions in the kiwi on
speculation the RBNZ may issue a rate reduction effectively diminishing the
currencies most attractive feature. The unemployment rate in New
Zealand increased
to 7.3 percent in the third quarter up from 6.8
percent in the second quarter while the participation rate remained at 68.4
percent.
Greek
lawmakers approved a multibillion-euro austerity package early Thursday in an
effort to win more bailout funds, but the measures also threaten to deepen the
country's brutal recession and destabilize the country's fragile three-party
coalition government. Greece's parliament
must also approve a troika-approved 2013 national budget in a separate vote set
for Sunday.
in Japan machine orders fell by 4.3 percent in September marking
the second consecutive month of fading industrial activity while the trade
deficit narrowed to -471.3 billion yen in September down from -644.5 billion the
prior month.
The Australian Dollar found support as the Aussie economy added
10,700 new jobs in October, but failed to drag the unemployment rate down from
5.4 percent. 18,700 workers found full time work where 8,000 part timers lost
their pay.
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