13 Feb 2014
Flash: AUD recovery undermined? - Societe Generale
FXStreet (Barcelona) - Kit Juckes, Global Head of Currency Strategy at Societe Generale, remarks the negative implications for the AUD of a really disappointing job report in Oz.
Key Quotes
"When Australian unemployment data are pretty much the lead item on the emerging market trading desk's morning comments, it's time to resist over-analysing markets. For the record, the unemployment rate rose from 5.8% to 6%, and employment fell 3,700 rather than the 15k increase the market expected."
"Maybe this reminds us that employment is a somewhat lagging indicator but even so, it has taken the wind of the AUD's sails and has undermined the recovery in risk appetite generally."
Key Quotes
"When Australian unemployment data are pretty much the lead item on the emerging market trading desk's morning comments, it's time to resist over-analysing markets. For the record, the unemployment rate rose from 5.8% to 6%, and employment fell 3,700 rather than the 15k increase the market expected."
"Maybe this reminds us that employment is a somewhat lagging indicator but even so, it has taken the wind of the AUD's sails and has undermined the recovery in risk appetite generally."