AUD: Employment data posted a small increase - SocGen

Kit Juckes, Research Analyst at Societe Generale, notes that the Australian employment data posted a small (300k) increase in employment, but full-time jobs gained 15,900 and the unemployment rate fall to 5.8% from 6%.

Key Quotes

“The data are volatile but a 6- month average employment gain of 20k/month doesn’t point to any strong case for rate cuts. We remain long AUD/NZD, along with other recommendations, short NZD/CAD and short EUR/RUB, which both reflect the bottoming of oil prices.”