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AUD/USD Holds Ranges Following Close To Expected Jobs Print

AUD

AUD/USD is up slightly following the August jobs print, last tracking just above 0.6755. We are up from earlier lows close to 0.6740. Hence tight ranges persist overall.

  • Job figures were close to expectations (+33.5k versus +35.0k expected). In a positive, all jobs created were in full time (+58.8k), but the unemployment rate nudged up to 3.5%, versus 3.4% expected (more details to follow).
  • The numbers are unlikely shift market expectations around the RBA outlook. Note RBA Governor Lowe delivers his parliamentary testimony tomorrow.
  • AU bond yields are holding gains for the session, 2yr up 4bps to 3.05%. The AU-US2yr spread is back to -70bps form -72bps pre-data.

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