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Muted Reaction To Jobs Market Data

AUD

The AUD slipped in reaction to the underwhelming labour market report released out of Australia. The unemployment rate climbed more than expected to 5.2%, while surprise losses in full-time jobs drove an unexpected contraction in employment. The limited size of market reaction might be explained with the fact that the uptick in the unemployment rate was at least partly driven by wider participation, amid relaxation of lockdown measures across Australia.

  • AUD/USD has shed its earlier gains and last operates at $0.7322, marginally below neutral levels. Familiar technical levels remain in play.
  • AUD/NZD sits at NZ$1.0361, 15 pips lower on the day. Bears need a fall through Nov 9 low of NZ$1.0331 before taking aim at Sep 16 cycle low of NZ$1.0280. Bulls keep an eye on the 50-DMA/Nov 5 high at NZ$1.0427/34.
  • AUD/JPY last trades at Y83.48, little changed on the day. Bears look for a slide through the 200-DMA at Y82.87, while bulls would be pleased by a rally above Nov 4 high of Y85.21.
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