Australia Employment Changes m/m 10/07/09

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8:30pm (NY Time) AU Employment Changes  Forecast -9.7  Previous -21.1K
ACTION: AUD/USD    BUY +15K   SELL -33K

This news release is similar to US NFP, but for Australia.  It is as a high impact report as the job’s market have a direct influence over the health of the economy.  If the actual release is better, it would be good for AUD and we would BUY AUD/USD, if the actual release is worse, it would be bad for AUD and we would SELL AUD/USD.

The safe deviation that we are looking for is at least of 23K.  Historically a 23K of deviation has produced about 40 pips of movement in the direction of the deviation about 75% of the time, which is enough for making an educated prediction.

One other important news to pay attention to is the Unemployment Rate, which is expected at 6.0%.  If we do not get a conflict with the Employment Changes, then we will proceed with the plan. 

DEFINITION

“Measures the change in number of employed people during the previous month. A rising trend has a positive effect on the nation’s currency. Job creation is an important indicator of economic health because consumer spending, which is highly correlated with labor conditions, makes up a large portion of GDP.”

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