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A$ Falters Post Jobs Miss

AUD

The AUD dipped post the weaker than expected employment data. We currently track at 0.6915/20, -0.40% weaker for the session. We got sub Jan 13 lows of around 0.6915, while 20-day EMA is back at 0.6863. The currency is struggling against the rest of the G10, most notably JPY. AUD/JPY is back to 88.75/80. The NZD has been dragged lower by the data, but the AUD/NZD cross is still tracking lower, last around 1.0750.

  • The jobs miss was decent, -14.6k, versus +25k expected, while the Nov jobs gain was revised down a touch. The full time/part time split was more encouraging with all of the loses in the part time segment. The u/e rate nudged up to 3.5% (3.4% forecast), although the participation rate fell.
  • AU yields are weaker across the curve, with the 3yr now off 15.5bps to 3.01%. AU-US spreads are trending back lower, with the 10yr spread back close to flat. Early January highs were around +25/+30bps.
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