Australia: July employment data was reasonable - BBH

Sandeep Kanihama FXStreet Contributor

Australia's July employment data was reasonable and will not change views of monetary policy, according to analysts at BBH.

Key Quotes

“Australia created 27.9k jobs, which was a bit more than expected, but there were all part-time positions. There were 20.3k fewer full-time positions. On the other hand, the June series was revised up to show a dramatic 69.3k full-time position. The unemployment rate ticked down to 5.6% from a revised 5.7% even though the participation rate also rose (65.1% from 65.0%).”

“The Australian dollar has built on yesterday's strong gains, some suggesting in part because of the continued rally in industrial metals, including copper to two-year highs. It is testing a retracement objective near $0.7965. There is an A$1.1 bln option expiring today struck at $0.7975.”

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.

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