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Forex Flash: Despite Aus jobs data, NAB still expects RBA cuts before year-end

On the back of February 71.5K jobs number, way above expectations, NAB notes that "the chances of a rate cut in April, for domestic reasons, is approaching zero."

NAB economist Robert Henderson notes: "Rising unemployment still likely ahead, however, with modest non-mining activity not enough to offset the labour shedding likely from mining and energy."

The bank still expects the RBA to cut mid-year and again later: "The AUD spiked by three quarters of a cent after the release, something that will not help the prospects of non-resources, trade exposed sectors" Robert adds.

Session Recap: Aussie skyrockets after 'beyond belief' Aus jobs

The Australian Dollar has been, again, the big star of the Asian session, after massive blow-out jobs figures in Australia for the month of February, with 71.5k jobs added, 17.8k being full-time, 53.7 part-time. The AUD/USD rose to its highest since February 5 after buyers absorbed heavy supply through 1.0360/70.
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Forex: EUR/USD, calls for lower lows persist

With derivative contracts expirations around the corner, including monthly currency options this coming Saturday, and US 10 year notes yields still above the 2.00%, last at 2.02%, EUR/USD is currently trading at a stone's throw from yesterday's year low, still pressured on much better than expected yesterday's US retail sales figures. The pair is down so far -0.42% for the week, ahead of plenty of risk events in the nearest term.
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