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Aug 18 - 12:55 PM

AUD: “Fake” Fall In Unemployment No Help To The AUD - Credit Agricole

By eFXdata  —  Aug 18 - 10:45 AM

Credit Agricole CIB Research discusses its reaction to this week's Australia labor report for the month of July. 

"Australia recorded its first monthly decline in employment for eight months. Despite this fall in employment, the unemployment dipped from 3.5% to 3.4% (the lowest since August 1974) due to a large fall in labour force participation from 66.8% to 66.4%; a loss of over 60k workers. So, the fall in the unemployment rate is not good news. Indeed, the employment rate dipped from 64.4% to 64.2%," CACIB notes. 

"The AUD remains under downward pressure, however, as concerns build around a potential electricity and energy supply crunch in China. Hot weather is leading to a surge in demand for electricity as drought is causing a plunge in hydroelectricity production. Newswires are reporting of proposals by local officials and power companies for measures to conserve electricity usage, which could involve limiting supply to manufacturers," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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