Aussie labour report weighs on AUD to fresh session lows
The Aussie labour report, released by the Australian Bureau of Statistics, has been released as follows:
- Australia December Employment -14.6k s/adj (Reuters poll: +22.5k).
- Unemployment rate +3.5 pct, s/adj (Reuters poll: +3.4).
- Full-time employment +17.6k s/adj.
- Participation rate +66.6 pct, s/adj (Reuters poll: +66.8 pct).
The data is a disappointment and is weighing on the Aussie Dollar.
AUD/USD update
AUD/USD broke below the channel support, and the data supports the case for a continuation. However, should the 0.6915 structure hold, then there are going to be prospects of a correction into the bearish impulse with the 0.6970s eyed:
About the Aussie labour report
The critical component of the market data, the Employment Change, released by the Australian Bureau of Statistics, is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending, stimulating economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
