Responses to the NZ jobs data miss - RBNZ, NZD

Q4 employment data from NZ earlier is here:

• New Zealand - Q4 Employment report: Unemployment 4.3% (expected 4.1)

DB with a take on it and what it means for next week's RBNZ meeting (and beyond):

• Deutsche Bank expect the RBNZ to delay rate hike

More now …

ANZ:

• growth momentum has faded
• looks increasingly difficult for the economy to grow above trend from here
• RBNZ will eventually need to cut the OCR … but move to a more overtly dovish stance may take some time
• Today's data will add to a more cautious tone from the RBNZ next week … softer outlook for activity, global growth risks,
• don't see a significant change in RBNZ central forecasts
• labour data has been volatile, and anything in 3.8-4.4 % is not surprising