In recent months, Australia’s unemployment rate shocked the markets as it moved to the downside. It eased 5.2% amid prospects of a steady 5.3% print.
Moreover, the drop maybe because of a drop in the participation rate. But the change in the unemployment data suggests the improvement is straight.
Last month, the Australian economy added a net of 14,700 jobs. On the flip side, the upsurge came entirely from full-time jobs, which are contrary to the previous month.
Shaped in the month were 26,200 full-time jobs. There is also a loss of 11,400 part-time ones.
In August, there was a decrease of 13,200 jobs. Meanwhile, 51,100 part-time ones began increasing.
The markets engaged in the development of the unemployment rate.
This comes with the strengthening of the Australian dollar across the board, with AUD/USD mounting as much as 0.5% to 0.6792. This move was also a significant daily gain this week.
Movements of Other Currency
Meanwhile, AUD/JPY inched up 0.46% to 73.86. Moreover, it could be on track to close above the 100-day moving average at 73.79 for the first time since April 23.
On the other side, this week the pound has had a good run. This was after comments from representatives suggested that a deadline-busting transaction might be close.
Reports suggested the imposing on sales taxes and said that the sticking points of the Irish customs border have yet to be finalized. But they made clear that they are closer than they have ever been.
Once the deal is agreed with Europe, British PM Boris Johnson will still have to get it approved by Parliament on Saturday. This is the European Union’s deadline day.
Elsewhere, for the North American session, we see housing starts and construction permits for September. These are both notoriously volatile series.
In addition, the Philadelphia Fed manufacturing survey for October is anticipated to slide to 8 from 12 last month.