New Zealand’s unemployment rate jumped more than expected in the March quarter despite a sizeable decline in the number of Kiwis participating in the labour market, putting the Reserve Bank of New Zealand closer to cutting interest rates before the US Federal Reserve. NZD/USD fell sharply while AUD/NZD rose to new cycle highs following the data. Kiwi labour market softening fast Unemployment rose sharply to 4.3%, above the 4.2% level expected and 4% rate reported three months earlier. Unemployment stood at 3.4% one year ago. Flattering the outcome, labour force participation tumbled four tenths to 71.5%, below the ... (full story)