December employment data from the Australian Bureau of Statistics is the focus today for Aussie data. Its released at 0030GMT. So, what to expect?
The employment data towards the middle and end of 2014 was unreliable (to put it mildly) but changes to techniques should see it improve from this reading onwards. Should.
Employment Change:
- expected 5.0K, prior 42.7K
Unemployment Rate:
- expected 6.3%, prior 6.3%
Full Time Employment Change:
- prior was +1.8K
Part Time Employment Change:
- prior was +40.8K
Participation Rate:
- expected is 64.7%, prior was 64.7%
The next RBA meeting is on February 4, so the result today will feed into deliberations at that meeting. As will the inflation data (the next CPI release is on January 28). There is persistent market chatter of the potential for a rate cut at the February meeting (can’t see it myself), and some people get quite heated on the mere mention of the possibility.
MNI’s latest survey (with 19 out of 20 respondents) shows what the economists are expecting from the RBA …. its here.
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More data:
At the same time as the employment data we get RBA transactions data for December also. Unless these figures shows RBA intervention in the currency market (spoiler …. they won’t) it’s the employment data that will be the focus.
I’ve yet to get a peek at the orderboard (BRB with that) …. but a quick look at the levels:
- Resistance 0.8190/00 then 0.8225 and then 0.8260
- Support0.8065/75 then 0.8025/35
