16 Jan 2014
AUD/USD plummets overnight on weak Aussie job numbers
FXstreet.com (London) - AUD/USD plummeted overnight on weak employment numbers.
Australian unemployment overshoots expectations
Employment fell by 23k in December compared to market expectations of a 10k rise. The decline was driven by a -32k drop in full time unemployment.
Despite the fall the unemployment rate remained at 5.8 percent due to a drop in the participation rate. However, without this drop, the unemployment rate would have climbed to 6.1 percent.
In the US, today’s CPI numbers are expected to come in with a 0.3 percent month-on-month gain.
Consensus expectations are for a small drop in initial jobless claims from 330k to 328k but momentum suggests a larger drop.
AUD/USD is currently trading at USD0.8798, trading between resistance at USD0.8800 and USD0.8820. The pair is down 1.2 percent on the day after a pre-Aussie jobs number price of USD0.8907.
Australian unemployment overshoots expectations
Employment fell by 23k in December compared to market expectations of a 10k rise. The decline was driven by a -32k drop in full time unemployment.
Despite the fall the unemployment rate remained at 5.8 percent due to a drop in the participation rate. However, without this drop, the unemployment rate would have climbed to 6.1 percent.
In the US, today’s CPI numbers are expected to come in with a 0.3 percent month-on-month gain.
Consensus expectations are for a small drop in initial jobless claims from 330k to 328k but momentum suggests a larger drop.
AUD/USD is currently trading at USD0.8798, trading between resistance at USD0.8800 and USD0.8820. The pair is down 1.2 percent on the day after a pre-Aussie jobs number price of USD0.8907.