AUD: Unemployment down, but the details are disappointing – HSBC

Sandeep Kanihama FXStreet Contributor

Research Team at HSBC, notes that the Australia’s Unemployment rate edged lower in September, from 5.7% (revised up from 5.6% previously) to 5.6%.

Key Quotes

“But this wasn't driven by a strong labour market; employment actually fell by 10k. Rather, another sharp drop in participation meant the labour force shrank. The other standout feature of the data is the continued shift from full-time to part-time employment.

Full-time jobs fell 53k in September and are down 0.4% y-o-y. Part-time jobs rose 43k and are up 5.4% y-o-y. Because of this trend, measures of labour underutilisation have not improved as much as the unemployment rate over the past year. The labour market and wage growth do appear to have stabilised, but there are few signs yet of significant improvement.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.