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AUD: Jobs bazooka as unemployment rate dips to 5.9% in October - Swissquote

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Delhi) – Arnaud Masset, Market Analyst at Swissquote Bank, suggests that the biggest surprise of the Asian session came from Australia where the last job report came well above consensus.

    Key Quotes

    “The unemployment rate dropped to 5.9% in October, down from consensus and September’s reading of 6.2%. Meanwhile, the participation rate edged up to 65% from 64.9% and employment jumped by 58.6k jobs versus 15k expect and previous revised contraction of 0.8k.”

    “We have the feeling that the wind is changing in Australia, after a phase of stabilisation the job market is finally getting some tailwinds, sounding the death knell for the RBA’s easing bias. AUD/USD jumped to 0.7150, breaking its 50dma in a blink of an eye. For now, the Aussie is stabilising above the latter standing at $0.7133 at the moment.”
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