Forex Flash: Volatile Australian jobs number set to continue - Westpac

FXstreet.com (Barcelona) - Australia’s April employment data will be the highlight in Asia. According to Sean Callow, Westpac FX strategist, "the headline jobs change has been even more volatile than usual this year, with much debate over changing survey samples etc." After Feb’s +74K and Mar’s -36K, "consensus is for the seesaw to continue, with a headline +10K", Sean adds.

Mr. Callow adds: "Westpac is only slightly more upbeat, on +15K. The range is -10K to +30K. AUD’s kneejerk response will be to the jobs total and the unemployment rate, with the latter probably the best guide to the overall state of the labour market. We look for an uptick in participation to nudge the unemployment rate to 5.7% (consensus is steady at 5.6%). This would be the highest jobless rate since Sep 2009 and would support Westpac’s call for another RBA rate cut in June."