The data is here from earlier:
- Australian October unemployment rate 4.1% (vs. 4.1% expected)
- AUD/USD little changed after the October employment report showed a steady jobless rate
- (ps. AUD/USD has slid a little since this post, broadly stronger USD the culprit)
Westpac with the recap, in brief:
Australian labour market remains in relatively solid health
- employment growth slowing broadly in line with population growth
- average hours holding steady
- few signs that labour demand is capitulating to an extent that warrants concern
- labour market conditions remain somewhat tight ... this is not translating to stronger wage inflation pressures
- On balance, today’s update will see the RBA continue to remain focused on the dynamics around underlying inflation.
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Speaking of the RBA, we heard from Bullock earlier, not dovish:
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AUD/USD update:
