AUSTRALIAN JOBS PREVIEW: Watch Out for ABS Rotation in Data
Source: BFW (Bloomberg First Word)
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(Bloomberg) -- Should AUD/USD find support from tomorrow’s jobs data beating estimates it may not last too long as investors consider base effects, Bloomberg strategist Michael G. Wilson writes.
Alert: HALISTER1- Australian Bureau of Statistics website notes changes to rotation group in the January 2016 estimates, with a relatively low employment to population ratio vs December
- Employers probably added 13k jobs in January after losing 1k in Dec., according to median est. of economists in Bloomberg survey; range: -30k to +40k, data due tomorrow at 11:30am Sydney; unemployment rate seen holding at 5.8%
- The positive jobs input will need to be seen in context of PBOC’s yuan fixing, which was lowered today and performance of commodities ahead of the jobs report
- AUD/USD steady at 0.7112
- NOTE: Michael G. Wilson is an FX strategist who writes for First Word. The observations he makes are his own.
Source: BFW (Bloomberg First Word)
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UUID: 7947283