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​A$ Falters Post Jobs Miss​​​​​​​​​


AUD/USD has fallen sharply in the wake of the jobs miss. The pair got to a low just under 0.6870, but has now stabilized somewhat (last around 0.6870/75). This is around 0.40% weaker for the session. Wednesday session lows were around 0.6865 in NY, so this level could be watched on the downside. The AU-US 2yr government bond yield spread is back to -121bps, around -7.5bps lower for the session.

  • This is the first back to back job losses since 2021, while the detail showed all of the losses were in the full-time segment. The unemployment rate also ticked higher to 3.7%, from 3.5%.
  • The A$ is underperforming on crosses, most notably against the yen. AUD/JPY got back to 92.00 post the print (now at 92.10/15), we were around 92.50 prior to the data. AUD/NZD is back sub 1.0980, versus highs close to 1.1020.

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