Speaking at a news conference following the release of the November Financial Stability Report, Reserve Bank of New Zealand (RBNZ) Deputy Governor Christian Hawkesby said that slow demand from China is hitting commodity prices.

Hawkesby also commented on the domestic jobs report released earlier this Wednesday and said that the country can handle higher rates of unemployment. In fact, Statistics New Zealand reported that the number of employed people unexpectedly declined by 0.2% during the third quarter and the jobless rate shot up to 3.9% from 3.4%.

The remarks, meanwhile, do little to provide any respite to the New Zealand Dollar (NZD) or ease the bearish pressure surrounding the NZD/USD pair, which remains well within the striking distance of the YTD low touched last week.