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Australia reports magical employment numbers – Investec

FXStreet (Delhi) – Research Team at Investec, notes that the strength of Australia’s labour market in October builds on other evidence that is suggesting their economy has made some big leaps forward in recent months, as the Australian unemployment rate fell from 6.1% to 5.9%.

Key Quotes

“That’s the lowest level since early last year and is below the forecast range of 6.0%-6.25% that the central bank published in last week’s Statement on Monetary Policy.”

“The data helped boost the Australian Dollar by around a cent against the US Dollar in the aftermath of the release. Despite inflation remaining subdued, positive data like this combined with continued policy easing in China and a significantly weakened currency should reduce the chances of further interest rate cuts in Australia.”

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