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AUD A Touch Higher, Bond Futures Tick Down, As Full Time Jobs Rise

AUSTRALIA DATA

The May jobs report was close to expectations. We had slightly higher jobs growth than forecast at 39.7k (30k forecast and 38.5k prior). Full time jobs rose nearly 42k, after a dip last month. The unemployment rate ticked down to 4.0% from 4.1%, as the market projected. More details to follow.

  • AUD/USD has ticked higher post the result, from sub 0.6655 to 0.660/65, so a modest move higher. Support likely coming from the rise in full time jobs. Other indicators were close to estimates.
  • In the bond space, YM is 2bps cheaper. OIS is 1bp firmer.

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