A disappointing Australian jobs report sends Aussie dropping from 0.6925 to 0.6893

  • The Australian Jobs Report has shown disappointments throughout, which is hurting the Australian Dollar on expectations of an RBA rate cut.
  • This was a highly anticipated report, considering the RBA board said last week that it “will be paying close attention to developments in the labour market”

The Australian jobs report has been released with big shoes to fill following a solid March report where total employment was up 25.7k, taking annual growth to 2.4%. Expectations were for a more modest 14.0k Employment Change. The Unemployment Rate was expected at 5.1% vs 5.0% prior, moving in the opposite direction to where the RBA requires, stroking the prospects of a rate cut, with next month's being a live meeting.

The data arrived as follows:

Unemployment Rate:  5.2% vs expected 5.0%, prior 5.0%.  (Not at all welcome)

Employment Change:  +28.4k vs +14.0k expected.

Full-time Employment: -6.3k vs 48.3k prior. 

Part-time Employment: +34.7k vs -22.6k. (Not welcome)

Participation Rate: 65.8% vs 65.7% and 65.7% prior. 

About the Unemployment Rate

The Unemployment Rate, released by the Australian Bureau of Statistics, is the number of unemployed workers divided by the total civilian labor force. If the rate climbs, it indicates 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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Trapped in a bull flag on 4H chart

EUR/USD's pullback from Oct.21's high of 1.1179 to 1.1106 has taken the shape of a bull flag on the 4-hour chart. A bull flag represents a pause which usually refreshes higher. A breakout would open the doors for 1.1320. A 4-hour close above 1.1134 would confirm a flag breakout.


GBP/USD: Modestly changed to 1.2915 amid fears of UK election

Despite mounting speculations of a general election in the UK, GBP/USD clings to 1.2915 during early Thursday morning in Asia. No major British data highlights the US economic calendar, trade/Brexit news as the key catalysts.


USD/JPY declines to 108.60 amid fresh risk aversion, all eyes on the ECB

With the recent uncertainty surrounding the UK’s politics crossing wires, USD/JPY steps back from the previous rise to 108.60 as Tokyo opens for Thursday’s trading session.


Gold drops to $1,491 despite downbeat catalysts from Asia, Brexit uncertainty

Despite economic challenges from Asia and uncertainty surrounding the Brexit, Gold prices step back to $1,491 amid Asian session on Thursday. An active economic calendar, including ECB, will be the key.

Gold News

ECB Preview: Draghi's defense of his legacy may drag EUR/USD down

"The ECB is ready to do whatever it takes to preserve the euro." These famous words by Mario Draghi, President of the European Central Bank, are the centerpiece of his legacy.

Read more