In This Article:
Earlier in the Day:
It’s was a relatively busy start to the day on the economic calendar this morning. The Aussie Dollar and the Pound were in action in the early part of the day.
For the Aussie Dollar
Total employment surged by 114.7k in July, following on from a 210.8k jump in June. Economists had forecast a 40.0k increase. Full employment increased by 43.5k, reversing a 38.1k fall from June. In July, the unemployment rate rose from 7.4% to 7.5%. Economists had forecast a jump to 7.8%. In June, the unemployment rate had risen from 7.1% to 7.4%.
According to the ABS,
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The number of unemployed people increased by 15,700 people.
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Compared to July 2019, full-time employment had fallen by 282,800, with part-time employment falling by 131,700.
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The employment to population ratio increased by 0.5 points to 59.8%.
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Monthly hours worked in all jobs increased by 1.3%.
The Aussie Dollar moved from $0.71747 to $0.71877 upon release of the figures. At the time of writing, the Aussie Dollar was up by 0.21% to $0.7183.
For the Pound
The RICS House Price Balance for July rose from -13% to +12%, coming in ahead of a forecasted rise to -5%.
The Pound moved from $1.30372 to $1.30371 upon release of the figures.
Elsewhere
At the time of writing, the Japanese Yen was up by 0.26% ¥106.63 against the U.S Dollar, with the Kiwi Dollar down by 0.14% to $0.6587.
The Day Ahead:
For the EUR
It’s a relatively quiet day ahead on the economic calendar. Key stats include finalized July inflation figures for Germany and Spain.
The numbers are likely to have a muted impact on the EUR, however. Risk sentiment will be the key driver on the day.
At the time of writing, the EUR was up by 0.24% to $1.1812.
For the Pound
It’s a particularly quiet day ahead on the economic calendar after Wednesday’s data deluge. There are no material stats to provide the Pound with direction.
A lack of stats will leave the Pound in the hands of Brexit chatter and sentiment towards monetary policy after yesterday’s numbers.
At the time of writing, the Pound was up by 0.25% to $1.3067. Demand for riskier assets weighed on the dollar early on.
Across the Pond
It’s a relatively quiet day ahead for the U.S Dollar. Key stats include July’s import and export price figures and the all-important weekly jobless claims.
Following the relief last week from the better than expected numbers, more of the same is going to be needed. Sub-1m levels would deliver riskier assets a boost on the day. We would expect the import and export price index numbers to have a muted impact on the Dollar.