Aussie labour report weighs on AUD to fresh sessison lows

The Aussie labour report,  released by the Australian Bureau of Statistics, has been released as follows:

• Australia December Employment -14.6k s/adj (Reuters poll: +22.5k).
• Unemployment rate +3.5 pct, s/adj (Reuters poll: +3.4).
• Full-time employment +17.6k s/adj.
• Participation rate +66.6 pct, s/adj (Reuters poll: +66.8 pct).

The data is a disappointment and is weighing on the Aussie Dollar.

AUD/USD update

AUD/USD broke below the channel support and the data is supporting the case for a continuation. However, should 0.6915 structure hold, then there are going to be prospects of a correction into the bearish impulse with the 0.6970s eyed:

About the Aussie labour report

The key component of the data for markets, the  Employment Change, released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).