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Australian jobs: Looking for a weaker reading than consensus - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, shares his thoughts on the upcoming Australian jobs report, noting that Westpac looks for a weaker July reading than consensus.

Key Quotes

"Australia’s monthly employment report is a reliable source of AUD movement (11:30am Syd/9:30am Sing/HK), with AUD/USD moving by at least 0.3% after 7 of the past 10 releases."

"Westpac looks for a weaker July reading than consensus, with a modest 5k gain in jobs (median 13k) after +16k in Jun. The market range is +5k to +20k. If the participation rate holds at 64.7% as we expect, the unemployment rate should rise to 6.1%, against a median forecast for steady at 6.0%. This would be the highest unemployment rate since July 2003, though is likely to be within the range of expectations for the RBA."

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