A significantly better than expected Aussie jobs report has sent the Aussie higher.
- Australia Aug employment +111.0k s/adj (Reuters poll: -50.0k).
- Australia Aug unemployment rate +6.8 pct, s/adj (Reuters poll: +7.7).
- Australia Aug full-time employment +36.2k s/adj.
- Australia Aug participation rate +64.8 pct, s/adj (Reuters poll: +64.7 pct).
- Australian dollar rises about 0.3% to $0.7301 after jobs data.
The data is a surprise and will put off speculation that the Reserve bank of Australia is on the verge of tweaking its guidance towards negative rates.
This will have flushed out some of the speculative shorts and hence such a sharp rally.
Description the Unemployment Rate
The Unemployment Rate released by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labour force. If the rate hikes indicates a lack of expansion within the Australian labour 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).
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