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Forex & Equities: Australia Employment Up...Again! & Session Ranges

Posted by Akhilesh Ganti on May 7, 2014 10:54:00 PM

Australia's Employment data came out stronger than expected as it continues a recent trend of confounding market pundits. The figures (table below) depict an improving economic outlook that seems to be a byproduct of businesses taking advantage of the low borrowing costs and finally investing in the economy. This was the scenario that the RBA envisioned when they made the decision to adopt a neutral stance towards monetary policy, a move that was met with considerable skepticism within the markets.

Employment data tends to be a lagging indicator and a couple of promising results do not a trend make, but if this were to continue then it could very well signal that the transition from a mining dependent economy to one that is more broad based is underway. It would also bestow a great deal of credibility on the RBA and their decision making skills. AUD/USD, which had been trading around 0.9325, quickly spiked higher to make session highs at 0.9372 before retracing a bit.

Economic Data: {Source: Bloomberg}

Country Event Period Survey Actual Prior Revision
Australia Employment Change Apr 8.8K 14.2K 18.1K 21.9K
Australia Unemployment Rate Apr 5.90% 5.80% 5.80% --
Australia Full Time Employment Change Apr -- 14.2K -22.1K -22.7K
Australia Part Time Employment Change Apr -- 0.0K 40.2K 44.6K
Australia Participation Rate Apr 64.70% 64.70% 64.70% 64.80%

Ranges:{WWM's New ALPHA Trader-4 HOUR charts [EUR, GBP, AUD, YEN, GOLD, OIL, DXY]}(click to enlarge)

FX 050714

Equities:{WWM's New ALPHA Trader-4 HOUR charts [Dow30, SP500, Nasdaq100, Japan225, China, Nifty50, FTSE100, ASX200]}(click to enlarge)

STOCKS 050714

 

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