The Australian dollar has remained heavy, its barely off its lows for the session.
The data to hit it first were the jobs numbers for October:
Then the data from China didn’t do it any favours:
Some further comments on the employment report via BIS Oxford Economics:
- “While the forward indicators aren’t suggesting that we’ll see sustained declines, it does indicate that slower growth in employment is likely to materialise over the near term; unsurprising, given the residential construction downturn and the ongoing weakness in the retail sector
- The decline was matched against a rise in the unemployment rate – to 5.3% – and a fall in the participation rate – to 66% – indicating that slack in the labour force is now captured in both measures. And with the underemployment rate also rising, to 8.5%, the data clearly confirms that there is plenty of slack in the economy.”
(comments to Business Insider, bolding is mine)