Australian Employers Cut 34,700 Jobs

Australia Employment Change Actual -34.7K, Expected -24.8K, Previous 1.8K

Release Explanation: This report tracks the number of employed in Australia. The figure appears in the monthly Labor Force Survey conducted by the Australian Bureau of Statistics. “A surge in new employment suggests higher spending potential and budding inflation pressures, which the RBA often counters with rate increases”, the LFB Trade Team said

Trade Desk Thoughts: Employment in Australia decreased by 34,700 for March which is below expectations of -24,800K. People looking for full time employment increased by 28.5K to 460,400 while part time employment seekers increased by 24.3K to 190,500.

Forex Technical Reaction: Economic reports from Australia continue to negative for the economy as was predicted by the RBA Governor after lowering the interest rate. “We are continuing to monitor the situation in Australian and the Australian dollar. The aussie is starting to come under increased pressure and although the pair has retraced the initial downward spike, as things settle down a move to 0.7000 may be possible”, said the LFB Trade Team Members

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