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Australian Unemployment rate dips to 4.9%

Written by Sam Coxhead on April 7th, 2011.      0 comments

11:59 AM (AEST) Just released Australian Employment statistic show that 37.8k of jobs added over the period, and the Unemployment rate dropped from 5.0% to 4.9%. The number was expected to be unchanged at 5%.
This has added momentum to the already rampant AUD, which has been setting new post float highs almost daily for the last week. The AUD/USD has pushed up to set at new high at 1.0482.
The biggest movement since the announcement has been against the NZD, which had been rising against the AUD over the last week, The NZD/AUD rate has dropped over 50pts to .7415 (1.3486), as investors have been caught out with sold AUD positions against the NZD.
Focus from here will be on the Ban of Japan, Bank of England  and European Central Bank for their respective cash rate announcements over the next 24 hours. Only the ECB is expected to change their cash rate with the market expecting a 25pt hike to 1.25%, there is a chance that they will hike 50pts , but this is slightly less than 50% priced at this stage.
          Last 24 hours trade
  Current level Pre-Aust Emply Chge since Aust EMPLY   Low High
NZD/USD 0.7768 0.7795 -0.3%   0.7684 0.7808
AUD/USD 1.0473 1.0424 0.5%   1.0331 1.0482
NZD/AUD 0.7416 0.7475 -0.8%   0.7433 0.7479
AUD/NZD 1.3484 1.3378 0.8%   1.3371 1.3453
NZD/GBP 0.4761 0.4774 -0.3%   0.4713 0.4780
NZD/EUR 0.5429 0.5445 -0.3%   0.5402 0.5450
NZD/JPY 66.29 66.57 -0.4%   65.43 66.72
NZD/CAD 0.7465 0.7488 -0.3%   0.7407 0.7494