Australian domestic recovery offsets commodity drag, supporting AUD resilience

Australia's labor market seems to be mending, as shown in constant improvement in the labor market conditions index. 

It would not be surprising to the markets, even if November employment records a fall, after the rough 60k gain in the month of October.

"In November, though, we expect the market to take a breather and are expecting employment to be unchanged and the unemployment rate to tick up to 6%", estimates Barclays. 

With the signals that weak AUD exchange rate helps in boosting the domestic activity, specifically in the service sector, the latest development in business and labor market is supporting AUD resilience, even with the sliding commodity prices.