Westpac preview

Total employment increased by 19.8k in September, broadly in line with the market median forecast of +15.0k and Westpac’s forecast of +25.0k. Part-time employment grew 13.7k, while full-time rose 6.1k, though importantly hours worked posted a solid 0.7% gain. September’s result was consistent with the positive momentum seen over 2017. After the Australian labour market went through a soft patch in 2016, employment gathered steam as we moved through 2017 rising 371k or 3.1% through the year to September Westpac’s forecast of a 20k rise will be a record breaking 13th consecutive monthly gain in employment. It may be tempting to look for a statistical correction but the strength of the labour market indicators in both consumer and business surveys suggest the underlying momentum remains very robust.

Source: www.forexlive.com


Price is currently at WR3/ MM1


Price is currently at the weekly bullish target


Price is currently above WR3 and at the monthly bullish target. Keep in mind that we have inflation data out of the EU tomorrow.

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