The labour force data from Australia is here:
There is a lot to unpack in there, with bad news (higher than expected job losses, unemployment rate higher … and more) and some encouraging news (hours worked up).
Zooming out from the report there is also the issue that half of Australia’s population (just under half) is to emerge from restrictions in the days and weeks ahead, NSW is already doing so. This was always going to be a cushion to bad news on this jobs report. I said is much in the preview I posted yesterday:
- A downside surprise will be discounted with Sydney beginning its reopening and Melbourne on the verge of doing so, thus the economy is expected to bounce back
Of even more note for traders in that preview was something else I said:
- AUD is hostage to offshore developments, not domestic data.
Of course the jobs data matters, just not a lot right now.
AUD barely moved since the data: