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Mixed Jobs Report For September, AUD Weaker, Bond Futures Tick Higher

AUSTRALIA DATA

The September jobs report was mixed. Jobs growth was weaker than expected at +6.7k (+20k forecast). This was due to a fall in fulltime employment growth (-39.9k, part time +46.5k). The employment rate dipped though to 3.6% (3.7% forecast). This looks due to the fall in the participation rate. More details to follow.

  • AUD/USD initially rose post the release, likely on account of the lower unemployment rate. We nudged back above 0.6330 (prior around 0.6325), but we now sit near 0.6315, fresh lows for the session and off around 0.30% versus NY closing levels. The detail looking softer in terms of full-time employment a likely facotr in the A$ turnaround
  • In the bond space, futures have ticked 1-2pips higher. OIS is broadly unchanged.
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