Wed. Jun 7th, 2023

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Busy week for Aussie traders

1 min read

Aussie trader

Aussie traders are in for a busy week as Australia prints top-tier and closely watched data while China releases a data dump.

The country’s jobs rose by a net of 90,000 against expectations of a 50,000 uptick due to improvement in Victoria’s labor market. Unemployment rate now has cut down to 6.8% from 7.0%. Labor participation rate is high by 66.1% from 65.8%.

In January, the market expects an addition of 40,000 net jobs. Unemployment rate could inch back up to 7.0% while participation rate is seen improving to 66.2%.

MI inflation expects to slide down by 0.1%, from 3.5% to 3.4%. Possibilities are there that Markit’s manufacturing PMI can fall from 55.7 to 55.1. Markit’s services PMI seen weakening from 57.0 to 56.5. Followed by 7% hike in October, retail sales can drop by 3%.

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