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Odds favour better Australian jobs - Westpac

FXStreet (Bali) - Odds favour a better Australian employment reading today, notes Sean Callow, FX Strategist at Westpac.

Key Quotes

"The shock surge in Australia’s unemployment rate in July knocked 55 pips from AUD/USD initially, -90 pips on the day, so there will be plenty of tension around the August data (11:30am Syd/9:30am Sing/HK)."

"The 6.4% jobless rate in July compared to a 6.0% consensus and is a high since Aug 2002. All manner of explanations were offered to discount such a steep rise even as the weak reading on jobs (flat vs consensus +13k) was almost forgotten."

"Given that the economy is probably maintaining decent though not swift growth, the odds favour a better reading on both total employment and unemployment."

"Westpac’s forecasts of +15k on jobs and 6.3% on the jobless rate are in line with consensus. Given all the excuses for the 6.4% reading in July, AUD would probably suffer more on say 6.4% than it would gain on 6.2%."

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