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A$ Continues Consolidation, Looks Through Lower Jobs Number

AUD
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Aussie fell on negative March jobs data but then rebounded soon after as the details were not as weak as the headline. Rallying China/HK equities have boosted AUD. AUDUSD is up 0.3% to 0.6453 after a low of 0.6432. The USD index is down 0.1% and close to its intraday low.

  • The headline March jobs figure was weaker than expected showing employment down 6.6k but February was revised up 1.1k to 117.6k. But Q1 rose 122.3k after +52.9k in Q4. The unemployment rate rose 0.1pp to 3.8%. The labour market remains tight (see MNI Gradual Labour Market Easing Stalled In Q1).
  • AUDNZD is approaching 1.09 again and is up 0.1% in the session to 1.0888 after having reached 1.0894 earlier. AUDJPY is 0.2% higher at 99.51, AUDEUR +0.3% to 0.6044 and AUDGBP +0.2% to 0.5176.
  • Equities are rallying across the region with the ASX up 0.7%, Hang Seng +1.4% and CSI 300 +0.7%. The S&P e-mini is 0.2% higher. Oil prices are also higher after falling sharply on Wednesday with WTI up 0.2% to $82.88/bbl. Copper is +0.3% and iron ore is around $117/t.
  • Later the Fed’s Bowman, Williams, Bostic and Collins, ECB’s de Guindos and Schnabel, and BoE’s Greene appear. IMF meetings continue and the Eurogroup meets. US jobless claims and April Philly Fed print.
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Aussie fell on negative March jobs data but then rebounded soon after as the details were not as weak as the headline. Rallying China/HK equities have boosted AUD. AUDUSD is up 0.3% to 0.6453 after a low of 0.6432. The USD index is down 0.1% and close to its intraday low.

  • The headline March jobs figure was weaker than expected showing employment down 6.6k but February was revised up 1.1k to 117.6k. But Q1 rose 122.3k after +52.9k in Q4. The unemployment rate rose 0.1pp to 3.8%. The labour market remains tight (see MNI Gradual Labour Market Easing Stalled In Q1).
  • AUDNZD is approaching 1.09 again and is up 0.1% in the session to 1.0888 after having reached 1.0894 earlier. AUDJPY is 0.2% higher at 99.51, AUDEUR +0.3% to 0.6044 and AUDGBP +0.2% to 0.5176.
  • Equities are rallying across the region with the ASX up 0.7%, Hang Seng +1.4% and CSI 300 +0.7%. The S&P e-mini is 0.2% higher. Oil prices are also higher after falling sharply on Wednesday with WTI up 0.2% to $82.88/bbl. Copper is +0.3% and iron ore is around $117/t.
  • Later the Fed’s Bowman, Williams, Bostic and Collins, ECB’s de Guindos and Schnabel, and BoE’s Greene appear. IMF meetings continue and the Eurogroup meets. US jobless claims and April Philly Fed print.