Overview of Australian jobs report (Dec)
Australia's monthly jobs report is back on the cards for Asian markets today. The report will be released at 1230 GMT.
Following an outsized gain of 62k in November, Australia’s December labour force survey is eagerly anticipated, noted analysts at Westpac:
"Annual employment growth looks to have overshot the forward indicators and so we anticipate a modest decline of 10k jobs in the month. The market is more optimistic, forecasting a further 15k gain. A positive outcome would make this the equal longest period without a decline in the survey’s history – matching the 15 months starting May 1993. Little change in the unemployment rate is anticipated in December, 5.5% from 5.4% in November."
How could the data affect AUD/USD?
AUD/USD fell from a fresh tend high at 0.8022 that would deserve another look into on a positive outcome in the report while traders will then look ahead to the Chinese data dump later in the Asian session. Further along the 0.80 handle comes the 0.8061 200 month moving average ahead of the 0.8125 Sep high.
To the downside, the hourly 100 SMA located at 0.7941 has been a supportive line within the rising channel from 0.7848 recent lows where traders could target on a break of 0.7870.
Key notes
- AUD/USD analysis: breaking higher ahead of key Australian employment data
- AUDUSD: Stand aside and go with the flow after the data
- Forex today: a mixed and busy session, GBP, CAD and NZD stole the show
- Chinese economic growth set to decelerate in Q4
About the Employment Change
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).
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