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Australian Unemployment mildly disappoints

Written by Sam Coxhead on January 13th, 2011.      0 comments

2:00PM (AEST) The Australian employment numbers just released showed jobs growth of just 2.3k against a market expectation of 25.2k, but the unemployment rate did drop to 5.0% against the expectation of 5.1% , this can be put down to a lower participation rate which means less people are actively looking for work. My read on these numbers is that there remains no real meaningful unemployment in Australia at this stage.
This has caused a 20-30pt sell off in the AUD which does not really dent the overnight move to the topside as rumoured Fund Currency re-weightings pushed the AUD, GBP and even the EUR higher. Apparently these flows are still around, will moves will happen in the London time zone when liquidity is deepest.
Also cushioning the AUD fall will be the fact that flood waters did not peak as high as expected in Brisbane, although the devastation still remains immense.
The NZD has risen slightly after the Australian data as sold NZD/AUD positions are unwound.
          Last 24 hours trade
  Current level Pre-AU Employ Chge since AU Employ   Low High
NZD/USD 0.7629 0.7623 0.1%   0.7566 0.7640
AUD/USD 0.9945 0.9957 -0.1%   0.9812 0.9965
NZD/AUD 0.7674 0.7657 0.2%   0.7641 0.7723
AUD/NZD 1.3031 1.3060 -0.2%   1.2948 1.3087
NZD/GBP 0.4844 0.4841 0.1%   0.4823 0.4863
NZD/EUR 0.5814 0.5812 0.0%   0.5798 0.5857
NZD/JPY 63.40 63.30 0.2%   63.02 63.39
NZD/CAD 0.7530 0.7520 0.1%   0.7469 0.7536