Jobs Data Boosts AUD

Strong labour market report sees AUD get a fresh bid, AUD/USD rising to highs of 0.7836 before pulling back slightly, last up 33 pips on the session at 0.7831. Firm short-term resistance has been defined at 0.7838, high Mar 2 and 3. A break would alter the picture, allowing for a stronger recovery.

• The ABS said "Seasonally adjusted hours worked bounced back in February, increasing by 6.1 per cent, following the 4.9 per cent fall in January, when more Australians than usual took leave. Hours worked increased across all of the states and territories, except for in Western Australia, where hours were affected by the lockdown in the first week of February. Underemployment increased by 0.4 percentage points to 8.5 per cent in February, having fallen more than usual in January, to remain around its pre-pandemic level. The underutilisation rate, which combines unemployment and underemployment, decreased by 0.1 percentage point to 14.4 per cent. This was 0.3 percentage points above March 2020, and 5.8 percentage points below its peak in May 2020."