Australian employment market grew 37.0k, seasonally adjusted, in November, much better than expectation of 20.0k. However, the growth was mainly driven by part-time jobs, which rose 43.4k. Full-time employment has indeed dropped -6.4k. Unemployment rate also rose 0.1% to 5.1%, above expectation of 5.0%. Participation rate rose 0.2% to 65.7%.
The set of data provided no support to Australian Dollar. Risk aversion is a factor weighing down the Aussie. Also, it’s sold off against Dollar on less dovish than expected Fed, and against Euro in Italy-EU budget deal. AUD/USD’s fall from 0.7393 is on track to retest 0.7020 low.
EUR/AUD is also on track for retesting 1.6357 high.
