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Australian employment numbers disappoint and AUD sold on all cross rates

Written by Sam Coxhead on May 12th, 2011.      0 comments

11:45 AM (AEST) Offshore markets were once again a little spooked and this risk aversion saw the commodity markets under pressure. This saw the AUD lead the way lower , ahead of the NZD.
 
The European debt issues remain a concern as ratings agencies place Portugal’s credit rating on negative watch due to the  vulnerability of its core banking system. No doubt closed door negotiations remain ongoing with regards to the makeup or restructure of Irish and Greeks bailouts. The likely outcome being a further extension of concessions to give time for the banking sector to get their balance sheets in order.
 
The just released Australian employment numbers showed negative job creation of -22k and an unchanged unemployment rate of 4.9% , the result has been selling of the AUD on all cross rates. It is going to be a key offshore session tonight to see if this exit from the AUD gathers pace.
 
          Past 24 hours
  Current level Pre- RBA level  % Change since RBA   Low High
NZD/USD 0.7889 0.7905 -0.20%   0.7872 0.7974
AUD/USD 1.0600 1.0697 -0.92%   1.06 1.0889
NZD/AUD 0.7447 0.7390 0.77%   0.7314 0.7447
AUD/NZD 1.3428 1.3532 -0.77%   1.3428 1.3672
NZD/GBP 0.482 0.4827 -0.15%   0.4807 0.4866
NZD/EUR 0.5557 0.5557 0.00%   0.5514 0.5568
NZD/JPY 64.03 64.15 -0.19%   63.61 64.57
NZD/CAD 0.7601 0.7592 0.12%   0.7559 0.7619
 
 

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