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New Zealand PM Jacinda Ardern has received near-universal praise for how her government has handled the COVID outbreak.

Now we’re expecting to get some comparable figures to see the real impact on the economy.

Both the RBNZ and BOC are paying close attention to employment data for policy guidance. Commodity currencies are more vulnerable to changes in employment data since it’s a proxy for productivity in the country.

Did New Zealand do the Best of the Major Countries?

Unlike most other countries, New Zealand only reports official employment figures once per quarter. This means the release tomorrow is both more impactful, but also not so fresh news.

New Zealand still had its economy closed at the start of the quarter. In fact, it was in the process of reopening all throughout the period. Therefore, we can expect the report to be unusually bleak, considering it also includes April and May data.

The other factor is that the RBNZ is scheduled to meet next week on the 12th. How...

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