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Watching The 50-Day EMA


Bearish Focus


Updated Barclays/Bbg Extension Estimates for US


Late Session Selling

AUSTRALIA: Australia's Labour Market Report is released tomorrow morning at
0130GMT. Analysts at ANZ look for a rise of 18k and a tick lower in the
unemployment rate to 5.5%.
- NAB note it's now been 17 consecutive months of employment growth and still
counting. NAB's forecast for March employment based on its reading of the
economy calls for yet another month of solid growth, an increase of 25K, just
above the 20K market consensus.
- Westpac are looking for the participation rate to hold at 65.7% which given
the current rate of working age population growth should see the labour force
lift by 25.7k in the month. As such we expect the unemployment rate to hold 5.6%
when rounded to one decimal place.
- RBC think some upside correction is due, and are forecasting a +30k monthly
gain with the unemployment rate sticking at 5.5%. The participation rate shows
no sign of giving up on its recent gains, and we expect this to stay up around
multi-year highs at 65.7%.
- TD look for +30k with upside risk, i.e. much higher than Jan/Feb.