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Weak Employment Data Means More RBA Easing
Last week's release of disappointing unemployment data from Australia opens the door for further easing of Australian monetary policy. The employment change showed the Aussie economy shed -6.3k jobs in the month of November. Expectations were for an increase of +10.3k. The October numbers were revised higher to +16.8k from +10.1k though the upward revision did little to offset the headline data. The unemployment rate also unexpectedly ticked higher to 5.3% from 5.2%.
The weak unemployment data adds additional room for the RBA to cut rates for the thirds consecutive time when the RBA meets on February 7th. The Aussie central bank could lower interest rates another 25 bp. Currently the Australian interest rate stands at 4.25%.
The near-term technicals do not bode well for the AUD. Last week the AUD/USD failed to make a close above the 1.0340 resistance level from the mid-November high. Daily stochastics are falling and the pair has support at its 20-day moving average at 1.0050 followed by the November low of 0.9660.
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Print| # | Time | $€£¥ | Event | Per. | Prev. | Fore. | Act. | Imp. |
|---|---|---|---|---|---|---|---|---|
| 12/12 | ||||||||
| 05:00 | JPY |  Household Confidence | 38.6 | 38.5 | 38.1 |  | ||
| 06:00 | JPY | Prelim Machine Tool Orders | y/y | 26.0% | 26.0% | 15.9% | | |
| 23:50 | JPY | Tertiary Industry Activity Index | m/m | -0.7% | 0.5% | 0.6% |  | |
