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Australian employment rises 42.7K – AUD/USD mixed

The  Australian economy gained 42.7K jobs in November, nearly triple the early expectations for rise of 15.2K. However, this came on top of a downwards revision for October: 13.7K instead of 24.1K originally reported. The unemployment rate edged up from 6.2% to 6.3%. This  contradiction was expected.

AUD/USD reacted with a rise to 0.8373, but it wasn’t sustained.

The lack of momentum for the Aussie comes not only from  existing worries about China but also due to the internal numbers of the report.  Only  1.8K full time jobs were gained, and 40.8K were part time. This is not an optimal composition.

At least the unemployment rate figure is  minor: the rate rose by only 0.01% but it triggered a rounding up of the number.  It also comes on top of an advance in the participation rate.

The Australian dollar’s recovery from the abyss has been led by a sell off of the US dollar, which was greeted by eager sellers, especially in the US session. Despite an OK report, the Aussie fails to gain.

More:  AUD Weakness To Be Front Loaded – Barclays

AUDUSD December 11 2014 not realy rising on Aussie jobs

Support appears at the round number of 0.83, followed by 0.8260. Resistance awaits at 0.8360. For more, see the AUDUSD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.