The Aussie payrolls data had been indicating that around 1 million had already been rendered inactive. Today's official employment and unemployment statistics have been held in high anticipation and the data has finally arrived as follows:

Australia April employment -594.3k s/adj (Reuters poll: -575.0k). Australia April unemployment rate +6.2 pct, s/adj (Reuters poll: +8.3). Australia April full-time employment -220.5k s/adj. Australia April participation rate +63.5 pct, s/adj (Reuters poll: +65.2 pct)

The Unemployment Rate released by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labour force. If the rate hikes, this indicates a lack of expansion within the Australian labour market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).

Source : Fxstreet