The AUD Employment Change Report is a key data
The
Australian dollar is higher on the back of US dollar weakness and strong
economic data out of China.
Due on Wednesday
THE Australian market
looks set to open lower following slides on international markets after a US
Federal Reserve official said there could be a small cut in its stimulus
program next week.
St Louis Fed President James Bullard said "a small
taper" of the bank's $US85 billion-a-month bond-buying scheme could be on
the cards at the central bank's December 17-18 policy meeting.
Australian Employment Change release
today will be crucial for AUD as market is getting ready to close out the year
with a bounce. So if the news comes with strong surprise today, we expect
market to react accordingly. Also the Job creation is an important indicator of
consumer spending.Today at 7:30pm (NY Time) AU Employment Change Forecast 10.0K Previous 1.1K
*Employment
Change
Australian Employment Change, which is
released monthly, provides signals about the health of the Australian labor
market. A reading which is higher than the market forecast is bullish for the
Australian dollar. Also the data release could affect the AUD/USD. Australian Employment Change, which is released monthly, provides a snapshot of the health of the Australian labor market. A reading which is higher than the market forecast is bullish for the Australian dollar.
*Unemployment
Rate
One other important news to pay
attention to is the Unemployment Rate, which is expected to rise to 5.8%, from
the previous reading of 5.6%,
A higher than expected
reading should be taken as negative/bearish for the AUD, while a lower than
expected reading should be taken as positive/bullish for the AUD.
So we recommend the
traders of the Aussie to monitor cautiously the economic data releases for
today.
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