When is Aussie jobs report and how could affect AUD/USD?
Australian jobs report (Feb)
Australia's monthly jobs report is back on the cards for Asian markets today. The Nov. report will be released shortly at 11:30am Syd/8: 30am Sing/HK
Westpac’s 20k forecast for total employment is in line with the median forecast, after a 32k gain in October. "We see risks on jobs as balanced but there seems to be downside risk on our 5.0% unemployment rate forecast, due to sample rotation. A 4.9% unemployment rate would be a big headline for markets and the media."
. How could the data affect AUD/USD?
Valeria Bednarik, Chief Analyst at FXStreet explained that the pair can bounce from the current level with a solid jobs´ report, particularly with a strong reading in full-time jobs' creation:
"However and with the AUD/USD pair now trading well below the 61.8% retracement of its latest daily rally, the upside potential seems well limited. In the 4 hours chart, technical indicators head south with sharp downward slopes and with the RSI in oversold territory, as the 20 SMA maintains its downward slope well above the current level, supporting additional slides ahead. September monthly low at 0.7083 comes as immediate support, with a break below it exposing the yearly one at 0.7020. The bearish pressure could ease only with a steady recovery above 0.7160, the mentioned 61.8% retracement."
AUD/USD slumps to multi-week lows near 0.71 following FOMC announcements .
About the Employment Change
The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).