• AUD/USD retreated to 0.7103 in Asia on soft Australian jobs data

• Employment unexpectedly fell in July; jobless rate 4.5% vs 4.4% forecast

• 0.7103 is low water-mark since Wednesday's jump to test 0.7129

• USD selling on U.S. Treasury news was catalyst for 0.7129 test

• 0.7129 was Monday's 10-week high (0.7067 was Wednesday low)

• U.S. Treasury's upsized buybacks may complicate Fed's monetary policy work

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(Robert Howard is a Reuters market analyst. The views expressed are his own)