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FOREX: Australian Employment Data Beats Expectations

Australian jobs data showed that employers hired more people than economists had expected but the employment rate shot up to 6.3% possibly due to the fact that the participation rate also rose to a 2-year high. This might be an indication that the economy is indeed improving to the point where businesses are confident enough to increase hiring though the fact that most of the gains were in the part-time component has to be a bit concerning. This would also support RBA Governor Stevens' assertion that the labor market is stabilizing and would lower the odds of imminent rate cuts.

AUS/USD initially spiked higher before sellers emerged ahead of 0.7395/0.7400 and has since reversed course to make session lows at 0.7330.

{Source: Bloomberg}AU employmentData 080615

AU employment 080615

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