March Australian employment figures:
- Employment change -36,100 (+74,000 prior, revised up from +71,500) (expected was -7,500)
- Unemployment 5.6% (vs. 5.4% prior and 5.4% expected). This is the highest u/e rate since late 2009. If the participation rate hadn’t fallen from 2011 average of 65.6 to 65.1 now, it would be much worse (above 6%)
- Full time employment -7,400 (vs. up 19,300 prior, revised up from +17,800)
- Part time employment -28,700 (vs. up 54,700 prior, revised up from +53,700)
- Participation rate 65.1% (vs. 65.3% prior and 65.2% expected)
AUD/USD fell as low as 1.0500/05, currently 1.0512/17.
- There are bidders ahead of 1.0500 and again at 1.0490. Bigger picture, around 1.0450 is support.
- EUR and NZD are a little softer on the day, so there is a slight ‘risk off’ tone (slight only). AUD still appears overall bid around these levels. There will be sellers around 1.0530 on any bounce
