FXStreet (Delhi) - Kit Juckes, Research Analyst at Societe Generale, notes that the Australian dollar has gained over 1% overnight as the culprit was a very strong October Australian labour market report, employment up 5.9k, 40k of which is full-time jobs. Key Quotes “The unemployment rate fell to 5.9% from 6.2%. The data were very strong but the series does deserve the scepticism with which the market usually greets it – the 12-month average is a 26k gain, the range is from +59k to -11k.” “With commodity prices looking soft again (both oil and industrial metals, copper making perhaps the most headlines), it’s still premature to look for lasting turn in AUD, CAD or NZD (or EM commodity currencies for that matter). AUD/NZD got a big lift from the release and is back at 1.09. We remain long-term bulls of this cross. We remain long-term bears of NZD/USD, but there is too, a tactical case for using this AUD bounce to go short, given that it doesn’t tend to decouple from commodity prices for long.” For more information, read our latest forex news.