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Downside Seen After Mixed Report


A brief blip higher was quickly reversed for AUD/USD post labour market data, last at 0.7724, a few pips lower on the session. The Australian economy added 70,700 jobs in March, over double the estimate. However, the gains were driven by part time jobs, full time employment fell. The participation rate rose 0.2ppts to 66.3% indicating a more robust labour force and the unemployment rate declined. The underemployment rate hit levels not seen since '14, with the underutilisation rate moving to within a whisker of late '19 levels.

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