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Strong Australian Jobs Data Inspires Bounce In AUD, ACGB Yields

CROSS ASSET

The ABS releases an upbeat jobs report for November, inspiring AUD and ACGBs to pare their moves in reaction to RBA Gov Lowe's speech. All key metrics topped expectations, indicating a tightening labour market.

  • The decline in the unemployment rate was deeper than forecast. The proportion of jobless Australians fell to 4.6% from 5.2% amid an above-forecast 366.1k expansion in employment. The participation rate also advanced more than anticipated and registered at 66.1% (vs. est. of 65.5% & prev. reading of 64.7%).
  • AUD/USD bounced from an earlier session low of $0.7156 and now trades at $0.7173, marginally above neutral levels. The Australian dollar outperforms all of its G10 peers, even if by narrow margins.
  • Aussie bond futures took a hit, YM last trades -10.1 & XM -5.0. Cash ACGB yields have surged, they last sit +4.2-8.8bp across the curve. The 3-Year yield advanced as much as 12bp immediately after the release.
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