Forex Marketz Daily Forex News – Fully Markets Update
The Australian dollar struggled to find direction this morning after the Down Under released a mixed bag of employment data this morning. As the report hit the wires, he AUD/USD Forex market fell sharply lower, then retraced losses. The Australian dollar then continued its nosedive lower against its cousin US dollar.
Looking at today’s labor data, Australia reported that the net gains in employment amounted to 27.9k. This was higher than was forecasted at 20.0k gain. It was also above the 20.0k increase in June. That number was revised higher from the original 14.0k. Also, the unemployment rate fell to 5.6 percent from 5.7 percent. The labor force participation rate increased to 65.1 percent from 65.0 percent.
So what gave the Forex and financial markets cause to pause?
The Australian jobs report had some concerning details of the employment gains. Australia actually lost 20.3k full time jobs. Their labor market gained 48.2k part time positions. This could explained why the Aussie dollar eventually fell despite some solid labor data, noted above. The report from the previous month was just the opposite. Full time position growth outpaced part time jobs losses.
Australian Dollar has a Quiet Calendar to Close the Week
Looking at the rest of the week’s economic calendar, things are quiet in Australia. Next weeks economic docket should be more volatile giving the sentiment linked AUD unit some exposure to risk trends. Also, the Aussie Dollar still appears to be attractive asset for yield seeking investors. The Reserve Bank of Australia is in no rush to raise rates until mid 2018.
