Australia (June) Jobs +88.4K(expected +25K) Unemployment rate 3.5% (expected 3.8%)

Australian employment report for June 2022.

Employment Change: 88.4K

• expected +25.0K, prior +60.6K

Unemployment Rate: 3.5%, the lowest ever (since Sep 1974)

• expected 3.8%, prior 3.9%

Full-Time Employment Change: +52.9K

• prior was +69.4K

Part-Time Employment Change: +35.5K

• prior was -8.7K

Participation Rate: 66.8%

• expected 66.7%, prior was 66.7%

AUD AUD The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank Read this Term popped a few points.

This is a huge result, unemployment to a record low while the participation rate rose.

Earlier in the week I noted an indicator of rapidly rising wages, link here

This result today should set a floor under the next RBA rate hike at 50bps. Reserve Bank of Australia Governor Lowe has been reluctant to say the Board has considered 75bp rate hikes. But +75 will be up for discussion at this coming meeting (August 2). The Bank of Canada surprised with a 100bp rate hike on Wednesday (CAD time), and the Monetary Authority of Singapore surprised with an out of cycle tightening earlier today. Next up, the RBA?

AUD response, adds on a few points: