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Nov 16 - 02:55 PM

AUD: Unemployment Rate In Focus - Credit Agricole

By eFXdata  —  Nov 16 - 02:00 PM

Credit Agricole CIB Research discusses AUD outlook around this week's Australia unemployment rate.

"The market remains only slightly over 50% priced for a 25bp rate hike next month ahead of Thursday’s labour market data. Indeed, the return of international students and tourists will ease labour market tightness and presents upside risks to Australia’s unemployment rate, which would take some of the heat out of wages growth. Employment growth should record a solid bounce following flood-interruptions to hiring in September," CCAIB notes. 

"The AUD continues to respond more to offshore events than local data at the moment, however, especially risk sentiment as well as commodity prices. Indeed, the currency continues to receive support from US data pointing to a slower pace of rate hikes by the Fed as well as the rally in iron ore prices following China’s recent policy pivot to supporting growth," CACIB adds.

Source:
Crédit Agricole Research/Market Commentary

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