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AUD strengthens despite disappointing Australian jobs report - BTMU

FXStreet (Łódź) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ points out that the AUD rose in the Asian session, even though the Australian jobs report showed a considerable drop in employment instead of the expected rise.

Key Quotes

"The Australian dollar has strengthened in the Asian trading session despite the release of the weaker than expected Australian employment report, benefitting from the reversal of recent US dollar strength."

"The employment report revealed that employment unexpectedly decreased by 29.7k in September after a significant downward revision to growth of 32k in August."

"The unemployment rate also ticked higher by 0.1 percentage point to 6.1%."

"The employment data has largely been ignored by market participants as the Australian Bureau of Statistics (ABS) has recently experienced significant problems in compiling the employment report materially undermining its credibility to provide an accurate assessment of labour market conditions in the near-term."

"As the RBA has signalled that it remains comfortable to maintain its current policy stance well into next year, it allows it time to wait for the ABS correct its recent measurement issues so that their report again provides a more accurate assessment of developments in the labour market."

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