Australian labour market also surprises positively

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Australia,Employment,Banks

This morning, the Australian employment report joined the ranks of countries that have recently reported surprisingly strong figures, Commerzbank’s FX analyst Michael Pfister notes.

AUD can remain well supported for the time being “At 64.1k, job creation was slightly stronger than August's strong figure , while the unemployment rate was revised slightly lower. At 4.1%, the unemployment rate remains close to historic lows and well below the average for the past decade. As a result, the Australian dollar has strengthened considerably this morning.

” “Of course, the Reserve Bank of Australia's future actions will also depend on the third quarter inflation figures, which will be released in two weeks' time. However, with the labour market looking much stronger again and the trend having been strengthening for several months now, there may be little reason to initiate a turnaround on interest rates in early November.” “Such figures also suggest that the RBA will take its time until early next year.

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