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Light pressure in the space on the back of much firmer than expected labour market data, with headline job additions surging by over 110K, against expectations for a fall of 35K. This was accompanied by a marginal uptick in the participation rate, which was outweighed by the strong headline print, allowing the unemployment metric to move meaningfully lower, back below 7.0%. Elsewhere, the underemployment rate held steady, while the underutilisation rate dipped from 18.7% to 18.0%. Still, hours worked in Victoria limited the broader national hours worked reading on the back of the lockdown measures implemented in the state. YM -0.5, XM -1.0. • A reminder that the RBA refrained from ACGB when its window opened earlier today.

MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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