Expected Australian labor market data has been released, which has pushed the Australian to new highs in the cycle.
Employment was expected to have increased by only 50 billion, driven by Victoria, but this has been destroyed and unemployment has also improved slightly.
Australian Statistical Office (ABS) figures show employment jumped by a star on Thursday 90,000 in November, after an impressive rise in October, and the unemployment rate fell 6.8%.
Key points of Australian jobs
- Australia Nov Employment + 90.0k / adj (Reuters poll: + 50.0k).
- Australia Nov Unemployment rate + 6.8%, s / adj (Reuters poll: +7.0).
- Australia Nov Full-time employment + 84.2k / adj
- Australia Nov participation rate + 66.1%, s / adj (Reuters poll: + 66.0%).
“Australian jobs again exceeded expectations in November, lowering the unemployment rate in a sign that massive monetary and fiscal stimulus was bearing fruit after the country controlled the coronavirus pandemic.” , commented Reuters analysts.
AUD / USD update
The AUD / USD was somewhat capped by the Fed overnight with a less attenuated result than expected, although the bulls have not thrown in the towel yet in search of fresh cycle highs that were obtained to data up to 0.7587.
The improvement in risk sentiment has led to some short-cut effect on AUD, which may substantiate the point while the DXY is melting to new lows below the previous days ’lows of 90.42.
There is still room to increase net shorts in US dollars before the aggregate positioning reaches the -18% lows observed in late September.
The CRB (Commodities) index also points to higher highs to support Australians.
Editor’s notes
Australia is expected to have added 50,000 new jobs in November. The RBA act showed that the country has a “significant amount” of surplus capacity. AUD / USD is consolidating in two-year highs and is about to extend the rally.
Description
The release of the unemployment rate from the Australian Statistical Office is the number of unemployed workers divided by the total civilian workforce. If the rate rises, it indicates a lack of expansion within the Australian labor market. As a result, an increase is leading to a weakening of the Australian economy. A decrease in the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).