Fairly contained price action for AUD........>

AUSSIE: Fairly contained price action for AUD crosses in the wake of the latest

round of labour market data. AUD/USD tested $0.7200, but failed to break above,

while AUD/NZD had a brief look above NZ$1.0700. Rates trade at $0.7180 and

NZ$1.0685 last, with the aforementioned technical pictures still relevant.

- Looking at the report itself, the strong headline jobs growth (25.7K vs.

median 15.0K) and positive revision to the prior reading was accompanied by an

expected uptick in the unemployment rate to 5.0%, from 4.9% in February. Worth

highlighting that the participation rate also edged higher, to 65.7%, from

65.6%, adding a further positive tinge to the print.

- While the RBA is by no means out of the woods, the stronger than expected

headline will allow them to breathe a sigh of relief, with focus now shifting to

next week's Q1 CPI print.