The Australian Dollar Steadies After the Release of Job Reports.


The Australian dollar has found support and recovered some lost ground on job reports, although the August unemployment rate nudged higher to 3.5%. However, it was at 33.5k instead of the 35k forecast. Full-time employment increased by 58.8k, while 25.3k part-time jobs were lost in August.

The participation rate printed as expected at 66.6% but higher than 66.4% previously.

The AUD initially slid, then rallied following the job reports, creating a clear path for a 50bp hike by the RBA in October.

The futures market had a 34-basis point (bp) lift in rates by the RBA priced in for October as today’s data scaled it up to 35 bp.

US Dollar movements continue to impact markets. Where to for AUD/USD?

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