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Much stronger than expected AU labour.....>

AUSTRALIA
AUSTRALIA: Much stronger than expected AU labour market data is supporting the
AUD and weighing on AU Bonds.
- The headline change in employed persons came in at +44.0K vs. MNI Median
+15.0K as full- and part-time employed numbers rose, with the unemployment rate
holding steady at 5.3% as exp. on the back of an uptick in the participation
rate to 65.7% from 65.5%.
- AUD/USD last ~$0.7195, after trading around $0.7175 heading into the print.
Bulls still need a close back above $0.7305/10 to alter the short term outlook
in their favour. The September 07 high ($0.7203) provides the initial point of
resistance. 
- The AU curve is holding flatter on the day, while the AU/U.S. 10-Year spread
has moved back to ~36.5bp as AU paper underperforms post labour market report.
The Bill strip trades a touch steeper last, with the contracts 1-3 ticks lower
on the day.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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