Australian jobs report (Aug)
Australia's monthly jobs report is back on the cards for Asian markets today. The report will be released at 0130 GMT.
Aug employment is expected by analysts at Westpac and the market to increase by 20k. "However, the market sees unemployment steady at 5.6% while Westpac forecasts a tick up to 5.7%. Note that unemployment was rounded down from 5.65% in July," the analysts explained.
How could the data affect AUD/USD?
AUD/USD has tipped toed into unchartered waters of late, certainly to levels that would be alarming to the RBA with gravity pulling the pair back from the 0.8120 mark down towards the 0.7950 level. Today's report will be a key factor for Aussie traders, cautious on a strong report and ahead of further kety data this week (such as US CPI) not to run profits too far above the RBA's likely threshold for the value of the currency should market turn heavily bullish.
On a positive report, risk turns directly overhead through the 0.80 handle and on the wide, there are the 0.8162/66 May 2015 peak and the 50% retracement. Above there lies the 0.8295 January 2015 high.
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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