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Australian Employment numbers disappoint, AUD weakens.

Written by Sam Coxhead on September 8th, 2011.      0 comments

11:45 AM (AEST) Just released Australian unemployment numbers saw the numbers of jobs decline by 9.7k and the unemployment rate increase to 5.3% , the fall in number of jobs was driven by a fall in numbers in fulltime employment.
The 9.7k decrease was against an expected increase of 10.7k and the unemployment rate of 5.3% was against an expected unchanged rate of 5.1%.
The AUD has sold off on the back of this as would be expected. The AUD gives up some of the gains it saw in the last 24hours following the better than expected GDP number and a rebound in stock markets following the German Constitutional court decision to allow German funds to be loaned to bailout nations (this saw Greek banking stocks jump 30%). Also adding to the positive sentiment was  US president Obama’s 300billion plan to create more jobs in the US.
Tonight will see the focus move to the announcements on monetary policy from the ECB and Bank of England.
Of note has also been the following : After an interesting paper released by US bank Morgan Stanley, speculation is doing the rounds there may be some kind of coordinated intervention following the G7 meeting of nations this weekend. (G7- France, Germany, Italy, Japan, United Kingdom and the US). Given the radical step by the Swiss National Bank to place a cap on the level of the CHF this week, nothing is out of the question. Coordinated intervention would be the most effective way to impact sentiment, however farfetched it may seem. The approach would most probably involve a mix of rate cuts and quantitative easing. A brief rundown of this speculation can be seen here : G7 speculation  
          Past 24 hours
  Current level Pre- AU Employ  % Chge AU Employment   Low High
NZD/USD 0.8335 0.8330 0.06%   0.8240 0.8340
AUD/USD 1.0596 1.0641 -0.42%   1.0527 1.0664
NZD/AUD 0.7865 0.7827 0.48%   0.7784 0.7828
AUD/NZD 1.2715 1.2776 -0.49%   1.2775 1.2847
NZD/GBP 0.5225 0.5217 0.15%   0.5161 0.5219
NZD/EUR 0.5925 0.5917 0.14%   0.5863 0.5922
NZD/YEN 64.48 64.42 0.09%   63.72 64.50
NZD/CAD 0.8217 0.8204 0.16%   0.8150 0.8228