Australia Jan Employment +29.1k s/adj vs Reuters poll: +40.0k, big miss, AUD unnerved
|The Australia January Employment arrived as +29.1k s/adj vs the Reuters poll of +40.0k.
However, the Unemployment rate improved to +6.4 pct vs the Reuters poll of +6.5. vs the prior 6.6% which is helping te Aussie to remain firm.
More details of the report
Full time employment +59.0k s/adj. This is far better than the prior 35.7k.
Participation rate +66.1 pct, s/adj (Reuters poll: +66.2 pct).
Yesterday, there was an emphasis from the Reserve Bank of Australia's Chris Kent on the labour market.
Kent was participating in the Australian Corporate Treasury Association (ACTA) roundtable webinar.
Kent said that the RBA needs a tight labour market to get wages and inflation higher.
Therefore, this report, while in the headline its poor, overall, it's moving in the right direction and can support the Aussie.
AUD/USD update
The Aussie, after a wobble to the downside overnight has resumed the upside again in recent trade and is backtesting the higher end of the 0.77 area at 0.7767 the high post the Unemployment beat.
Description of the Unemployment Rate
The Unemployment Rate release by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force.
If the rate hikes indicate a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.