Breaking: AUD/USD drops over 30 pips on Aussie jobs data disappointment

FXStreet Team FXStreet

The Australian Employment Change and jobs data released by the Australian Bureau of Statistics has come out as follows and is a disappointment, weighing on the Aussie:

Australia Employment Change Jan: -11.5K (est 20.0K; prev -14.6K).
Unemployment Rate Jan: 3.7% (est 3.5%; prev 3.5%).
Full Time Empl Change Jan: -43.3K (prev 17.6K).
Part Time Empl Change Jan: 31.8K (prev -32.2K).
Participation Rate Jan: 66.5% (est 66.6%; prev 66.6%).

AUD/USD update

(Prior to the data above)

(Knee jerk reaction below)

The Aussie is under pressure on the Unemployment Rate disappointment and big miss in the Employment Change:

AUD/USD has dropped heavily on the back of the data and a break of the recent 0.6865 lows is on the cards for the day ahead.

In prior analysis, AUD/USD Price Analysis: Bulls are forced to the edge of the abyss, a bearish thesis was drawn as follows:

''Should the bears commit below 0.6920:

There will be probabilities of a much deeper breakout with 0.6720 eyed at the extreme as per the daily chart.''

About Aussie Employment report

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 which stimulates 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

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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