Employment growth keeps defying the doomsayers

• The crazy start to 2016 continues with equities lower, commodities lower, commodity currencies lower
• NAB has nudged its AUD FX forecasts down slightly, now seeing A$/US$ 0.67 by end Q1 and 0.66 by mid-year, before a mild recovery in H2 2016
• Australian jobs data continues to surprise, even if the underlying pace of growth is likely to be slightly softer than the official figures suggest
• Despite volatility in the jobs data, the jobs data do align with other indicators of the labour market, supporting the RBA’s recent optimism on the economy
• The unemployment rate probably gives a better read of the labour market – and is not impacted as much by sampling issues
• A quiet week ahead for Australian data with only monthly Consumer sentiment likely to draw interest

For full analysis, download report:

• Australian Markets Weekly:  18 Januray 2016 (PDF, 723KB)

For further FX, Interest rate and Commodities information visit nab.com.au/nabfinancialmarkets

Disclaimer