Breaking: Aussie jobs sinks AUD as headline misses the mark
Australia has released its jobs data as follows:
- Australian Employment Change Sep: 0.9K (est 25.0K; prev 33.5K).
- Unemployment Rate Sep: 3.5% (est 3.5%; prev 3.5%).
- Participation Rate Sep: 66.6% (est 66.6%; prev 66.6%).
AUD/USD update
Australia was expected to have created 25,000 new job positions in September, so this is a downer for the Aussie.
AUD/USD has been somewhat supported by a hawkish outlook by the Reserve Bank of New Zealand and recent minutes from the Reserve Bank of Australia that underpinned sentiment for continuing policy to battle possible continued inflationary headwinds. However, the headline comes to the contrary and will likely unsettle the Aussie bulls. At the time of writing, the currency is pressured by some 10 pips on the knee jerk, so far.
More to come....
About the Aussie jobs 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).