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AUDUSD Looks Through Employment Data, Watch Fed Comments Later

AUD

AUDUSD has been range trading this morning around the 0.6740 mark and looked through the stronger-than-expected labour market data. The bond market did too, as market participants don’t believe that this week’s strong wage and employment data are enough to shift the RBA off its slower 25bp tightening pace, but the cycle could be prolonged instead. Consistency is important to the RBA, it has growth concerns and the labour market tends to lag activity.

  • Risk appetite developments and comments from the Fed seem to be driving the AUD more than the data. AUDJPY and AUDEUR are also trading in tight ranges but AUDNZD rose on the Australian employment data and is now around 1.097.
  • The Australian equity market is up 0.2% so far today, after falling yesterday, but other markets in the region are down with the Hang Seng -1.0%, CSI 300 -0.8% and Nikkei -0.1%. WTI oil prices are down 1% and iron ore is steady around $93/tonne.
  • Later the focus is likely to be on the numerous Fed officials scheduled to speak.
  • See Australian employment report analysis here.
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