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Sep 14 - 06:55 PM

AUD: Labor Market Data Unlikely To Rescue The AUD - Credit Agricole

By eFXdata  —  Sep 14 - 03:00 PM

Credit Agricole CIB Research discusses AUD outlook around tonight's AU labor report for the month of August.

"Australia’s labour market data will likely remain a bright spot for the AUD with the main restriction on jobs growth to remain the availability of workers... Australia’s unemployment rate could also tick higher on Thursday," CACIB notes. 

"For the AUD, the focus will be the unemployment rate, which currently at 3.4% is at 50-year lows and egging the RBA to keep hiking rates as wages growth accelerates. But even a drop in Australia’s unemployment rate would struggle to see the AUD/USD rally as last week RBA Governor Philip Lowe indicated that with the cash rate back close to neutral, the central bank may proceed more cautiously with rate hikes going forward and slow its pace of rate hikes from 50bp to 25bp. Meanwhile, the Fed looks set to at least maintain the pace of its supersized rate hikes

Source:
Crédit Agricole Research/Market Commentary

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