The ABS attributes unemployment up on increase in participation rate. However, not all that glitters in gold, and there has also been a big jump in number unemployed -- now 662,700, the most in three years, according to Aussie economist Peter Martin.
The AUD/USD, which was one of the best performing currencies in a quiet Wednesday, is now being further supported on each shallow dip to climb as high as 1.0260, with FXWW Founder Sean Lee, targeting 1.0320; "If the number is positive, I’d look to try and buy any small dips for a test of 1.0310/20 (if this level holds then medium-term shorts can jump back in)" he argues.
Next hurdle for bulls is expected at 1.0270, sequence of highs from this week. Retreats back toward 1.0240/50 are expected to attract bids. "A good jobs report could see 1.0280 break for a run to 1.0375" according to IFR Markets.
The Aussie has also seen heavy buying from EUR/AUD cross, which just blew stops stops below 1.2540 and now eyeing 1.2515, 20 dma around 61.8% of Sep/Oct climb ahead of 1.2500. In a chain effect, the EUR/USD is back under pressure following the massive EUR seeling in the crosses, with EUR/AUD and EUR/JPY being the most notorious.