Aussie higher after job data beat market forecasts

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Thursday, Nov 12 2015

This morning from Australia job figures were released beating all expectations and pushing Aussie higher. Over the month employment jumped by 58,600, well above the median market forecast for an increase of 15,000. The increase was the largest since March 2012. Full time employment jumped by 40,000, overshadowing a 18,600 increase in part time workers.

The ABS note the increase was driven by gains in male full-time employment (up 33,500) and female part-time employment (up 24,000). The unemployment rate fell to 5.9%, well below the 6.2% level expected. It now sits at the lowest level seen since April 2014. The decline came despite the participation rate ticking up 0.1% to 65.0%. The number of people unemployed decreased by 33,400 to 739,500.

After the data Aussie was pushed higher and is currently being traded around 0.7130 area. Pair is likely to find support around 0.7080 handle and resistance above 0.7170 level. Later today, in the US session, Unemployment Claims figures are scheduled for a release.

More in this category: « U.S. MBA mortgage applications decline 1.3% last week Draghi hints asset purchase extension »

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