AUD down a few tics after the Australian jobs report, market pricing a sooner RBA rate cut

The disappointing Australian labour market report is here:

• Australia January 2024 Unemployment rate 4.1% (expected 4.0%, prior 3.9%)

Yields on Australian government bonds have fallen (10 yer down around 10 basis points).

AUD/USD is circa 0.6489 from around 0.6500 just prior to the release.

Head of Financial Markets Strategy, Westpac on rate cut pricing:

The current Reserve Bank of Australia cash rate is 4.35%. Sop based on that pricing above the first 25bp rate cut is priced now for September.