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13 Jun 2013
Flash: Aus jobs data eyed; close below 0.9380-0.9400 key - NAB
FXstreet.com (Barcelona) - After last month’s 50.1k jump in Australian employment NAB looks for a significant correction (+30k,
versus market consensus for +10k) today, when new stats will be issued at 1.30GMT.
NAB looks for a jump to 5.7% from 5.6% (market 5.6%). If the bank's prediction comes true, the July RBA meeting will become "a very live affair" they say. Aby unexpected jump in the unemployment would make the NAB rethink the view that another RBA rate cut might be in the cards for July.
On the AUD/USD, NAB thinks "the currency is susceptible to fresh selling pressure on a worse than consensus labour market outcome, though unless and until the rate closes below the 0.9380-0.9400 key support area, we hold to the line that the currency now has a good chance of at least consolidating recent losses."
versus market consensus for +10k) today, when new stats will be issued at 1.30GMT.
NAB looks for a jump to 5.7% from 5.6% (market 5.6%). If the bank's prediction comes true, the July RBA meeting will become "a very live affair" they say. Aby unexpected jump in the unemployment would make the NAB rethink the view that another RBA rate cut might be in the cards for July.
On the AUD/USD, NAB thinks "the currency is susceptible to fresh selling pressure on a worse than consensus labour market outcome, though unless and until the rate closes below the 0.9380-0.9400 key support area, we hold to the line that the currency now has a good chance of at least consolidating recent losses."