Speaking exclusively to the WSJ RBA’s John Edwards warns that the future for aussie jobs isn’t bright.
“There is no doubt we are in a low-growth environment. It’s not enough to create jobs at a sufficiently fast rate to prevent a rise in unemployment.”
The news comes on the back of a bumper rise in employment overnight but with the caveat that it’s still all screwed up from the prior balls up in the data.
He adds that he doesn’t think there’s a need to be too gloomy as as he doesn’t see evidence of a serious deterioration of the economy
The market is deciding that the next move in rates could in fact be down rather than neutral.
AUD/USd has just taken another bath to 0.8237 from 0.8325 in the last hour but has bounced to 0.8264 as I type.
The next big level is the 61.8 fib of the 2008/2011 lo/hi at 0.7940 but we’ll be having some fun around the big 0.8000 level
