The Australian Employment figure saw 1.2k jobs being lost in the month of December. The number came in much better than forecasts which called for a 20k loss of jobs in the month. Despite the optimistic outcome, the unemployment rate still ticked upwards by 0.1 percentage point to 4.5%. From the exterior it may look as though such developments are improving, but upon closer inspection one may see the structural weakness of the ailing Australian economy. Indeed, 43.9k full-time jobs were converted into 42.8k part-time jobs. Such a dynamic may pose grave threats to overall consumption in the economy. As former full-timers begin to see their hours cut, their part-time status begins to also hamper their ability to spend.
AUDUSD traded through 0.6620 at 19:44 EST
AUDNZD traded through 1.2227 at 19:44 EST
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