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Economic Statistics: Aussie Employment surprises to the upside

Posted by Akhilesh Ganti on May 8, 2013 10:10:00 PM

AU employment 050813{charts:Bloomberg}(click to enlarge)

AUD employment 050813

Australian employment data for April comes out at 50.1K easily surpassing market forecasts of 11K. The unemployment rate dropped unexpectedly to 5.5%. Full-time jobs posted an increase of +34.5K -vs- last month's reading of -7.4K (chart below) and part-time jobs rose to +15.6K from -28.7K in March. The participation was also higher at 65.3%. The AUD/USD, which had been trading at 1.0190, dipped initially to 1.0164 before surging to session highs of 1.0252 (chart on left). All in all, this is a very strong report and underscores the resiliency of the world's 12th largest economy. Pickup in Chinese demand is being cited as the the reason for the sharp rise as businesses are investing more in resources to keep pace. The market is paring down expectations for further rate cuts though the prospect of their currency appreciating may keep the RBA in a dovish mood.

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