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AUD/USD slips from high ground amid mixed jobs report

The Australian economy gained 13.5K jobs in January, better than around 10K expected. Good news also came from an upwards revision to the previous report:  positions increased by 16.3K in December instead of 13.5K originally announced.

So far, it’s good news. However, January saw a massive drop of 44.8K in  full-time jobs while part-time employment leaped by 58.3K. Markets  and the RBA are looking to see long-term employment and  preferably  full-time.

In addition, the participation rate has dropped from 64.7% to 64.6% which means the overall workforce is shrinking.

The Australian dollar wobbled around the initial publication and as time passes by,  AUD/USD slips from the highs of 0.7730 and dips its feet under 0.77. The initial beat of estimates sent the pair higher in an initial spike that was short-lived.

Earlier, positive US data helped the greenback advance higher, but then markets reversed the move and the US dollar dropped across the board. While the Fed is upbeat and data is positive, Trump is causing some worries.

More:  AUD/USD: Pending Bullish Signal On A Weekly Close Above 0.7730/50 – NAB

Here is how the recent move looks on the chart:

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.