Doing a job on the Aussie dollar

The monthly Australian labour force report has a bigger impact on the currency than any of the much vaunted Chinese data releases.

While Chinese data grabs the limelight in Asia, it is the labour market that holds the key for the Australian dollar. Last week’s employment report saw the market increase the odds of another interest rate cut from the RBA, which in turn did a good job of pushing the Aussie dollar lower. The economy lost 31,600 full-time jobs in December, making 2013 the worst year for full-time losses since the recession in the early ‘90s. This sent the Aussie below 88 cents against the greenback for the first time in over three years.

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