NZD/USD and AUD/USD are back at their session highs after kiwi jobs data

I posted the NZ data earlier:

• New Zealand Q2 Unemployment rate 5.2% (vs. expected 5.3%)
• Recapping data earlier - New Zealand labour market data reinforces rate cut expectations

The kiwi has moved higher after the data, and after a brief and small pullback its retesting its earlier highs. AUD has been dragged higher alongside.

Westpac NZ see an RBNZ cut on August 20:

• 25bp rate cut highly likely
• leaving the door open for further easing if needed
• no strong signal about the extent or timing of any future rate cuts