Aussie April Employment Report
The Australian Employment Report for April was released mixed and the AUD/USD pair received a mild bid but continues to trade in the middle of the 89 cent handle. The AUD has been under pressure as most risk currencies have, related to credit concerns emanating from Europe. The fear of contagion has even affected the AUD whose economy has an outstanding economic outlook (comparatively speaking) and rising rates, displaying again how wide spread the fear is. The details of the release are as follows:
Employment Change – Survey:22.5k Actual:33.7K Prior:19.6k
Unemployment Rate – Survey:5.3% Actual:5.4% Prior:5.3%
Full Time Employment Change – Actual:37.5K Prior:30.1K
Part Time Employment Change – Actual:-3.9% Prior:-10.6k
Participation Rate – Survey:65.1% Actual:65.2% Prior:65.1%
The hourly chart below clearly shows the negative bias on risk and the fear of European exposure as the healthy AUD has been making lower highs since the gap opening to start the trading week, its appreciation was being defended by downward sloping trendline resistance, which was broken for the time being by the bid on the release.
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