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11 Apr 2013
Forex Flash: Rising jobless rate to reinforce RBA's easing bias - UBS
FXstreet.com (Córdoba) - The AUD initially fell after Australia's labor data showed a loss of 36,100 jobs in March, says the UBS analyst team. "But considering the 74,000 jobs added in February, the economy still added around 38,000 jobs in the last 2 months".
"But a rise in jobless rate from 5.4% to 5.6% (even though participation rate has declined) poses concern that the non-mining sectors might not pick up the slack from the peaking mining boom", UBS comments. "Despite the soft labor data, the AUD is still likely to find support on the back of yen-carry trades".
"But a rise in jobless rate from 5.4% to 5.6% (even though participation rate has declined) poses concern that the non-mining sectors might not pick up the slack from the peaking mining boom", UBS comments. "Despite the soft labor data, the AUD is still likely to find support on the back of yen-carry trades".