12 Feb 2015
Disappointing jobs data to force RBA to ease further – TradeTheNews
FXStreet (Barcelona) - The TradeTheNews Team shares the key points of today’s Australian employment data release, noting that expectations are strong for another RBA rate cut after the disappointing employment data.
Key Quotes
“AUD/USD fell about 70pips below $0.7650 - within 20pips of 5-year lows - in the wake of weaker than expected Australia employment data.”
“Employment change was negative for the first time in 4 months, and jobless rate spiked to its highest level in over 12 years with most of the job loss coming in the full-time component.”
“Aggregate Hours worked was perhaps the silver lining in an otherwise glum report, rising by 8.2M hrs for the biggest increase in 7 months.”
“S&P/ASX initially rose on easing expectations but subsequently retreated.”
“ANZ, RBC, and CBA economists all concluded the jobs data will likely force RBA's hand into another easing move, with expected timing ranging from as early as next month to May.”
Key Quotes
“AUD/USD fell about 70pips below $0.7650 - within 20pips of 5-year lows - in the wake of weaker than expected Australia employment data.”
“Employment change was negative for the first time in 4 months, and jobless rate spiked to its highest level in over 12 years with most of the job loss coming in the full-time component.”
“Aggregate Hours worked was perhaps the silver lining in an otherwise glum report, rising by 8.2M hrs for the biggest increase in 7 months.”
“S&P/ASX initially rose on easing expectations but subsequently retreated.”
“ANZ, RBC, and CBA economists all concluded the jobs data will likely force RBA's hand into another easing move, with expected timing ranging from as early as next month to May.”