This morning we received the Australian unemployment number, which came out the same as expected. During the European morning, once again we will have UK coming out with another important economic data set. This time the country will produce its retail sales numbers, both headline and core. Speaking about politics, the new president of the European Commission was elected. For the first time in history, the top seat went to a female candidate.
Australian Jobs; UK Retail Sales
This morning we received the Australian unemployment number, which came out the same as expected. The unemployment rate was the same as previous, at 5.2%. It held steady for the third month in a row, even though the figure had risen from the February low, at 4.9%. That said, the current number is still near the 9-year lows, which is still seen as a positive thing. But unlike the unemployment rate, the employment change number had fallen even further, not only below the previous, but also below expectation. The consensus was for the number to come out at +9.1K, but that slid even more, showing up at +0.5K, which is way below the previous +42.3K for the month of May. Last time the number was that close to negative territory was in February, which was +4.6K. The last time the figure was below zero, was in July. The full employment change number for the month of June was much better than the previous, it came out at +21.1, whereas the month before that was at +2.4K only. This is a good positive jump, given that for last two months the data was quite disappointing.
Initially, we saw AUD selling off, but the move lower was short-lived and the Australian dollar accelerated straight after that. We believe that if there won’t be any news, for now, surrounding the...
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