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Jobs Data Could Provide Cue For AUD

AUSTRALIA

Ahead of the employment data due at 0030GMT/1130AEDT, CBA expect a smaller than consensus gain in jobs, but a tick down in the unemployment rate on higher participation.

  • "We expect the labour market improvement to continue with an increase of 30,000 jobs over December (consensus: +50,000). This would see the unemployment rate decline from 6.8% to 6.7% on a tick‑up in the participation rate. A stronger than expected labour force report, combined with high commodity prices, could see AUD re‑test 0.78 which has been a strong resistance level lately."
  • As a note, unemployment expectations were higher in the recently released Westpac/MI Consumer Sentiment gauge.
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