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A Sedate Reaction To Labour Market Report

AUSSIE BONDS

YM is virtually unchanged in the wake of the domestic labour market report for August, while XM is a touch firmer vs. pre-release levels. The former trades -2.3 on the day, while the latter is -2.9. As mentioned in earlier bullets, the COVID-driven nature of the release, coupled with broader expectations within the policymaking sphere re: short-term headwinds for the economy followed by a sharp bounce back, meant that it was never going to be a gamechanger for broader fiscal & monetary policy, which allowed markets to react in an orderly and relatively nonchalant manner. The evolution of the hours worked component will be key in the months ahead.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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