Australia’s employment data are out today. Recent employment gains have been far beyond what leading indicators and an economy still growing below potential would suggest. As such, a correction is expected in April’s numbers to the tune of -10k (consensus +4K) which would mean some downside for AUD after briefly breaking 0.8000 overnight. A -10k outturn would likely result in a 0.1ppt increase in the unemployment rate to 6.2%.
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