14 Jan 2016
Australian dollar has shrugged off a favourable employment report - BBH
FXStreet (Delhi) – Research Team at BBH, notes that with uncertainty about policy intentions in China, concerns about commodity prices, and the general risk off attitude, perhaps it is not so surprising that Australian dollar has shrugged off a favorable employment report.
Key Quotes
“The Aussie is off 0.4% today. The low so far (as the intraday technicals warn of continued downside risks) has been $0.6910. It is the lowest level since the multi-year low was set in early September just below $0.6900.
For the record, the 1k job loss was a result of a slightly larger fall in part-time jobs (-18.5k) than increase in full-time positions (+17.6k). The November series was revised to show that Australia grew a revised 47.3k full-time jobs (from 41.6k). The 0.2 percentage point decline in the participation rate to 65.1% only managed to keep the unemployment rate steady at 5.8%. This will play into economists' suspicions that Australian jobs data have some methodological quirks.”
Key Quotes
“The Aussie is off 0.4% today. The low so far (as the intraday technicals warn of continued downside risks) has been $0.6910. It is the lowest level since the multi-year low was set in early September just below $0.6900.
For the record, the 1k job loss was a result of a slightly larger fall in part-time jobs (-18.5k) than increase in full-time positions (+17.6k). The November series was revised to show that Australia grew a revised 47.3k full-time jobs (from 41.6k). The 0.2 percentage point decline in the participation rate to 65.1% only managed to keep the unemployment rate steady at 5.8%. This will play into economists' suspicions that Australian jobs data have some methodological quirks.”