Tuesday, October 3, 2023
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Breakout: Australian jobs data misses target and weighs on AUD/USD

Australia released its August jobs report and the market was looking for a 35k change as headline and 3.4% unemployment.

It arrives as follows:

Australia August employment +33.5ks/adj (Reuters poll: +35.0k).

Australia August unemployment rate +3.5 pct, s/adj (Reuters poll: +3.4 ).

Australia August full-time job +58.8ks/adj.

Australia August participation rate +66.6 pct, s/adj (Reuters poll: +66.6 pct).

The Australian dollar fell about 17 pips to 0.6740 but has almost recovered to 0.6752.


About the unemployment rate

Australia The unemployment rate reported by the Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. A rate hike would signal a lack of expansion in the Australian labour market. As a result, the rise has led to a weakening of the Australian economy. A decline in the number is seen as positive (or bullish) for the Australian dollar, while a rise is seen as unfavorable (or bearish).

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