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Australian employment numbers surprisingly strong.

Written by Sam Coxhead on April 12th, 2012.      0 comments

2:15 PM (NZT) The just released Australian employment numbers were surprisingly positive. Solid growth in both full and part time jobs has seen the unemployment rate static at 5.2% against an expected increase to 5.3%. There was also an increased participation rate and an increase in the aggregate hours worked.
With this stronger than expected number, it is going to be an interesting couple of weeks ahead of the inflation number on the 28th and then the next RBA monetary policy meeting on May the 1st. Expectations of a cut to 4.00% for the cash rate from the current 4.25% has been close to fully priced earlier this week, but the odds have backed off since the release of the number. Correspondingly the Australian dollar is stronger across the board.
In the offshore session overnight the price action was again mixed. There was a pickup in sentiment in European debt markets as ECB members paid lip service to the possibility of further debt purchases by the central bank.
Equity markets have been buoyed by reasonable earnings results so far by US corporate as the earning reporting season gets into full swing.
Chinese GDP numbers tomorrow are now the focus for the Australasian currencies, with 1st quarter growth expected to be at 8.4%.
          Past 24 hours
  Current level Pre-AU Emply  % Chge since AU Emply   Low High
NZD/USD 0.8188 0.8191 -0.04%   0.8150 0.8220
AUD/USD 1.0355 1.0309 0.44%   1.0244 1.0364
NZD/AUD 0.7907 0.7945 -0.48%   0.7906 0.7954
AUD/NZD 1.2647 1.2587 0.48%   1.2572 1.2649
NZD/GBP 0.5145 0.5146 -0.02%   0.5128 0.5163
NZD/EUR 0.6245 0.6248 -0.05%   0.6215 0.6254
NZD/YEN 66.34 66.30 0.06%   65.69 66.65
NZD/CAD 0.8216 0.8217 -0.01%   0.8176 0.8232