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Solid jobs growth number in Australia sees AUD demand propped up.

Written by Sam Coxhead on October 11th, 2012.      0 comments

2:00 PM (NZT) This week has seen reasonably tight trading ranges so far. The continuation of mixed news on the global front has seen lower levels of volatility permeate the wider markets. Of note has been the pickup in container volumes passing through Chinese ports and this positive theme from yesterday has managed to balance the downward revision of 2012/13 of global growth forecasts from earlier in the week.
Just released employment numbers in Australia show solid jobs growth, driven by a surge in full time employment(32.1K,balancing a fall in part time of 17.7k). The Unemployment rate actually rose to 5.4% but this was because of an increase in the participation rate which can be seen as a positive after the recent falls as people give up on trying to find work.
Of note is be the pressure the Australian dollar has put on the NZD in the last couple of sessions. It has more been a case of AUD strength than NZ dollar underperformance, but the consolidation below the .8000 (above 1.2500) is significant. With the news that container port traffic had materially in China yesterday, being joined by today’s reasonable jobs number. It seems likely that the expectations for a cash rate lower than 3% in Australia in the near term will be discounted. This will temper the enthusiasm for those looking for the NZ dollar to continue to add to its significant recent gains. The support at .7920 (1.2630 resistance) remains the key to containing further Australian dollar outperformance on this pairing.
          Past 24 hours
  Current level Pre-AU EMPL  % Chge since AU EMPL   Low High
NZD/USD 0.8167 0.8170 -0.04%   0.8138 0.8206
AUD/USD 1.0263 1.0225 0.37%   1.0172 1.0264
NZD/AUD 0.7958 0.7990 -0.40%   0.7955 0.7998
AUD/NZD 1.2566 1.2516 0.40%   1.2503 1.2560
NZD/GBP 0.5106 0.5105 0.02%   0.5090 0.5120
NZD/EUR 0.6358 0.6357 0.02%   0.6320 0.6365
NZD/YEN 63.80 63.80 0.00%   63.66 64.26
NZD/CAD 0.8027 0.8025 0.02%   0.7971 0.8032
Topics: AUD USD