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A solid Australian jobs report for October.

Written by Sam Coxhead on November 8th, 2012.      0 comments

1:45 PM (NZT)In stark contrast to the Q3 NZ employment report the Australian employment report for October shows increased employment of 10.7k , led by increasing full time employment balancing a fall in part-time jobs numbers. The Unemployment rate falls marginally to 5.4% from 5.5% the previous month.
 
After the numbers a the AUD saw some swift demand, with the NZD under renewed pressure after it had ground back from the lows of this morning’s drop.
 
Next in focus are the ECB and BOE with what should be unchanged monetary policy decisions when released later on today. Tomorrow is slightly more quiet with the latest inflation numbers from China likely to be the economic data highlight.
 
Of interest will be the performance of global equity markets over the coming weeks as President Obama grapples with the pending fiscal issues quickly approaching in the US on January 1st.
 
Also of note is the interest rate market in NZ , that has slightly increased the chances of a easing in the cash rate at the December 6th meeting. The odds are currently around 20% on a chance of a cut, however unlikely it is in reality.
 
It is also interesting to note that the NZD pressure from the AUD , has fed through into the other pairings.
 
 
Currency pair Current level Pre-AU Empl Percentage change 24 hour range
NZDUSD 0.8187 0.8196 -0.11% 0.817 0.8309
AUDUSD 1.0418 1.0397 0.20% 1.0387 1.0474
NZDAUD 0.7858 0.7882 -0.30% 0.7850 0.7938
AUDNZD 1.2726 1.2687 0.31% 1.2598 1.2739
NZDGBP 0.5124 0.5131 -0.14% 0.5111 0.5187
NZDEUR 0.642 0.6427 -0.11% 0.6399 0.6494
NZDJPY 65.40 65.54 -0.21% 65.35 66.74
NZDCAD 0.8158 0.8171 -0.16% 0.8118 0.8240
Topics: Australian employment
 

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