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Australian Employment numbers bang on expectations and remain strong.

Written by Sam Coxhead on February 10th, 2011.      0 comments

11:50 AM (AEST) 10 Feb : The Australian Employment numbers just released showed a 24.5K increase in job numbers (expected 18k) and the Unemployment rate is unchanged from the previous level of 5.0%.
This has not impacted the AUD , which has been so resilient of late. The market still looks to be reasonably range bound against the USD , being comfortable in the 1.0000 to 1.0200 range.
In the offshore session the EUR has been well supported , even in the face of the news that German Central Bank head Alex Weber would not be standing for the upcoming vacancy as head of the ECB. Weber had been widely picked as the natural successor to France’s Jean Claude Trichet, and has been known as a being tough on inflation in his time with the Bundesbank.
US Fed Chairman Ben Bernanke testified on Capitol Hill today. He acknowledged that the economic activity had increased, but re-iterated previous comments that “until a sustained period of job creation, we can not consider the recovery to be truly established”. So it looks like the full 600billion worth of Quantitative Easing will be acted upon, and US rates will remain at incredibly low levels for the foreseeable future.
          Last 24 hours trade
  Current level Pre-AU Employ Chge since AU EMPLOY   Low High
NZD/USD 0.7713 0.7712 0.0%   0.7703 0.7755
AUD/USD 1.0103 1.0104 0.0%   1.0089 1.0152
NZD/AUD 0.7633 0.7634 0.0%   0.7602 0.7656
AUD/NZD 1.3101 1.3099 0.0%   1.3062 1.3154
NZD/GBP 0.4792 0.4793 0.0%   0.4786 0.4830
NZD/EUR 0.5621 0.5622 0.0%   0.5615 0.5694
NZD/JPY 63.55 63.57 0.0%   63.45 63.88
NZD/CAD 0.7670 0.7670 0.0%   0.7659 0.7719