Bell FX: The AUD dipped below USD 0.8800 overnight following the release of lower than expected Australian labour data that has turned the spotlight on the...

Bell FX: The AUD dipped below USD 0.8800 overnight following the release of lower than expected Australian labour data that has turned the spotlight on the genuinely apparent weakness in the labour market. The release of the December labour force results confirmed the economy lost 68k full-time jobs in 2013. The monthly unemployment rate remained steady at 5.8% but only because the participation rate, the proportion of the population with a job, looking for one or who are ready to start work, fell to 64.6%. This leads to monetary policy. The markets remain comfortable with the RBA will remain on hold through 2014, with some tentative evidence of a pick-up in retail sales growth and ongoing strength in housing market activity. We see the AUD remaining under pressure for the moment. Today's Forecast Range USD: 0.8805 - 0.8875