Key events ahead: watch Aussie jobs – Westpac

By FXStreet FXStreet (Guatemala) – Analysts at Westpac Banking Incorporation explained the key events ahead today along with the Australian jobs data around the corner.

Aussie jobs data preview − what to expect in AUD/USD

Key Quotes:

“The Australian Oct labour force survey will be released at 11:30am Syd/8:30am Sing/HK. The 5k fall last month was below market expectations for a 10k rise. Westpac agrees with the consensus forecast of +15k for Oct. This maintains the trend of the 17.5k average gains over the last three months, which is in line with the leading indicators. The participation rate pulled back from July highs of 65.1% to 64.9% in Sep. Assuming participation rate remains flat, a 15k rise is only enough to hold the unemployment rate flat at 6.2%. It is hard to see this report having a major influence on RBA pricing, since any big surprise in either direction will be viewed as a likely statistical anomaly.”

“The BSP and Bank of Korea are both expected by all forecasters to remain on hold.”

ECB president Draghi is testifying before the European parliament. Eurozone industrial production is seen at -0.1%m/m after last month’s -0.5%. The weaker euro may help at the margin though.”

“There are several Fed speakers …read more

Source:: FX Street