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A$ & Local Yields Down On Rise in Unemployment Rate

AUSTRALIA DATA

*Correct Unemployment rate


Australian April jobs data was mixed. We had slightly higher jobs growth at 38.5k (+23.7k forecast). Full time jobs fell though, -6.1k, partially unwinding some of the prior months rise. Part time job rose 44.6k. the unemployment rate rose more than expected to 4.1% (3.9% forecast). More details to follow.

  • The rise in the unemployment rate has weighed on AUD/USD. We are back to 0.6690/95. We were 0.6705/10 pre data. Earlier higher were at 0.6714. The A$ is now back to flat for the session underperforming the rest of the G10.
  • For bonds, XM +14.0 (+5.00 post Emply) YM +13.5 (+4.00 post Emply). Yields are 4-6bps lower post the print.
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