Time for RBNZ to Cut Rates?

Weak employment data from New Zealand earlier today caused NZD/USD to fall by 0.5% today. Data released by Statistics New Zealand revealed that the number of jobs dropped by 0.2% in Q1 2019, while expectations were for a 0.5% increase.

Although the unemployment rate fell to 4.2% from 4.3% in the previous quarter, participation rate fell to 70.4%, beating expectations which were for 70.9%. Wages rose by 0.3% QoQ, against 0.5% expected, while the annual growth rate of wages touched 2%, below expectations which were for 2.1%.