Overview of Australian jobs report (Jan)
Australia's monthly jobs report is back on the cards for Asian markets today. The report will be released at 12:30 GMT.
Following an outsized gain of 62k in November and the rise of 3.4%y/y in Dec when another 34.7k net new jobs were reported for December, Australia’s December labour force survey is eagerly anticipated once again.
"It is very difficult to sustain such a pace – GDP probably only grew about 2.5% over the same period. So a negative reading on employment is a risk at any time, simply as a statistical correction. But with various other indicators of the job market still positive, Westpac’s +15k forecast is in line with consensus.The unemployment rate seems likely to remain at 5.5%. The 5.4% reading of Oct and Nov 2017 was the lowest since 2013," explained analysts at Westpac.
How could the data affect AUD/USD?
AUD/USD opened near 0.7870 for the NA session where there was a lot of volatility after the retails sales miss and the CPI beat. The Aussie was set to clear the Feb 6th highs before a look in at 0.7920 towards the close and now 0.7980 and 0.8065 are back on the cards on a strong report with daily RSI that has plenty of room to the upside to go. To the downside, the 200-D SMA at 0.7764 is key target below 0.7800.
AUD/USD up 0.87% yesterday, treading water near the high mark ahead of Aussie employment figures
Forex today: what a day, the start of the demise of the dollar?
About Aussie jobs 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 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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