New Zealand dollar makes gains following better employment figures

The New Zealand dollar managed to gain ground against the aussie and sterling yesterday, after stronger than expected jobs data and a pick up in risk appetite. Data revealed the unemployment rate rose to 5 percent, well under the 5.3 percent forecast. The kiwi also gained support after a relatively positive reaction to the US stress tests on banks saw equity markets climb higher. This led to the US dollar losing some of its safe haven appeal and more demand for higher yielding currencies.