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Australian Employment relatively stable in August.

Written by Sam Coxhead on September 6th, 2012.      0 comments

1:48 PM (NZT) The offshore sessions proved to be a little dull with small ranges ahead of tonight’s ECB monetary policy statement. Rumours were rife about the ECB measures about to be announced , but on the balance the market seems comfortable that ECB President Draghi will deliver measures that are solid enough to stem the rot in the debt markets. The Italian and Spanish debt markets strengthened, and this further supported the recently resurgent EURO.
Just released Australian employment numbers reveal a small fall in the number of employed. This was driven by part time worker weakness, with full time workers relatively stable. The Unemployment rate pegged back .1% to 5.1% as the number actively involved in the workforce (either looking or working) fell .2% to 65.0.
The AUD has had a quiet response to the data and in a similar reaction to yesterdays growth numbers, it has put on small gains as investors take back “sold” AUD positions following the somewhat neutral numbers. While the AUD remains heavy, the downside momentum has slowed somewhat over the last few days as these numbers have been absorbed. Foreign exchange investors are notoriously impatient, and the stalling to further downward movements will likely see some further squaring of “sold “positions in the coming sessions.
          Past 24 hours
  Current level Pre-AU EMPL  % Chge since AU EMPL   Low High
NZD/USD 0.7958 0.7950 0.10%   0.7910 0.7960
AUD/USD 1.0217 1.0185 0.31%   1.0162 1.0224
NZD/AUD 0.7788 0.7805 -0.22%   0.7763 0.7802
AUD/NZD 1.2840 1.2812 0.22%   1.2817 1.2882
NZD/GBP 0.5004 0.5002 0.04%   0.4979 0.5014
NZD/EUR 0.6312 0.6312 0.00%   0.6283 0.6344
NZD/YEN 62.40 62.38 0.03%   62.01 62.41
NZD/CAD 0.7884 0.7883 0.01%   0.7865 0.7919
Topics: Australian employment