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AUSTRALIA DATA: AU Employment Beats Estimates, A$ Steady While Yields Rise

AUSTRALIA DATA
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  • Australia's labor market remained resilient in August, with employment rising by 47,460 jobs, surpassing the forecast of 26,000. The gain was driven by part-time employment, while full-time jobs saw a slight decline. The unemployment rate held steady at 4.2%, and the participation rate remained at a record high of 67.1%.
  • The AUD/USD is little changed post the data, trading at 0.6747. There has been boarder USD strength following a slightly less dovish than expected Powell spoke following the DOMC lower rates by 50bps.
  • ACGBs yields are 2-4bps cheaper post data, with yields 6-9bps cheaper on on day, the curve has bear-flattened
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  • Australia's labor market remained resilient in August, with employment rising by 47,460 jobs, surpassing the forecast of 26,000. The gain was driven by part-time employment, while full-time jobs saw a slight decline. The unemployment rate held steady at 4.2%, and the participation rate remained at a record high of 67.1%.
  • The AUD/USD is little changed post the data, trading at 0.6747. There has been boarder USD strength following a slightly less dovish than expected Powell spoke following the DOMC lower rates by 50bps.
  • ACGBs yields are 2-4bps cheaper post data, with yields 6-9bps cheaper on on day, the curve has bear-flattened