16 Jan 2014
Flash: A pending RBA rate cut? - BBH
FXstreet.com (Guatemala) - Strategists at Brown Brothers Harriman explained the hugely disappointing Australian jobs report resurrected talk of an RBA rate cut and took the Aussie down to fresh multi-year lows.
Key Quotes:
“Even as it tries to stabilize in the European morning, it is still off about 1.4%. It approached $0.8775 and it is not clear that the low for the day is in place yet, as the tone remains fragile”.
“The Australian economy lost a net 22.6k jobs. The Bloomberg consensus called for a 10k increase. Adding insult to injury, the November series was revised to show a 15.4k gain instead of the initial 21.0k”.
“Moreover, these headline figures understate the dismal news. Australia lost 31.6k full-time jobs in December and the downward revision to the November series reflects almost exclusively full-time jobs”.
Key Quotes:
“Even as it tries to stabilize in the European morning, it is still off about 1.4%. It approached $0.8775 and it is not clear that the low for the day is in place yet, as the tone remains fragile”.
“The Australian economy lost a net 22.6k jobs. The Bloomberg consensus called for a 10k increase. Adding insult to injury, the November series was revised to show a 15.4k gain instead of the initial 21.0k”.
“Moreover, these headline figures understate the dismal news. Australia lost 31.6k full-time jobs in December and the downward revision to the November series reflects almost exclusively full-time jobs”.