AUD: January employment data were very poor - SocGen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Kit Juckes, Research Analyst at Societe Generale, suggests that the biggest mover overnight is the Australian dollar, down for the very old-fashioned reason that January employment data were very poor.

    Key Quotes

    “Employment fell by almost 8,000, where a 20k increase was expected and the unemployment rate rose from 5.8% back up to 6%. The driver of soft employment was a fall of 40,600 in full-time jobs.

    The data suggest that the acceleration at the back end of 2015 was exaggerated, but that’s about it. The RBA has less room to ease than the RBNZ, AUD/NZD is a buy on this move given where we are in the range, but AUD/USD can fall further over the coming months as concerns about Chinese growth and policy persist.”
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