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Australian Employment shrinks, but Unemployment rate static at 5%

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

11:50 AM (AEST) The Australian Employment numbers just released showed the Unemployment rate static at 5.0% , but over all 10,000 jobs were lost in the period. The AUD dropped immediately on the release to 1.0070 before rebounding and we are now back at levels higher than before the number. It does look like the trading part of the market went into the number with sold positions and have scrambled to cover positions when the drop did not follow through.
So the teflon nature of the AUD continues, and until we see any kind of significant move lower in the commodity markets, it is a fair assumption that this will continue. In terms of the NZD value against the AUD, while we are close to 20 year lows in value, the short term view has to be that we will remain at these levels and most probably the NZD will see some further pressure from the AUD.

        Last 24 hours trade
  Current level Pre-AU EMPL Chge since AU EMPL   Low  High
NZD/USD 0.7375 0.7370 0.1%   0.7332 0.7415
AUD/USD 1.0112 1.0112 0.0%   1.0061 1.0132
NZD/AUD 0.7292 0.7290 0.0%   0.7259 0.7354
AUD/NZD 1.3714 1.3717 0.0%   1.3589 1.3775
NZD/GBP 0.4549 0.4548 0.0%   0.4531 0.4585
NZD/EUR 0.5298 0.5298 0.0%   0.5277 0.5336
NZD/JPY 61.03 61.05 0.0%   60.57 61.42
NZD/CAD 0.7144 0.7141 0.0%   0.7104 0.7175