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NFP prints at 339k vs estimates of 190k, ave earnings in line at 0.3% MoM

AUD/USD Unable to Hold Gains Despite a Solid Jobs Report

AUD/USD Unable to Hold Gains Despite a Solid Jobs Report

Daniel Dubrovsky, Contributing Senior Strategist

Talking Points

  • AUD/USD gains after Australia’s employment report crossed the wires
  • The country added 26.1k employees in March versus 17.0k estimated
  • Australian government bond yields climb as RBA rate cut bets decline

Find key turning points for the Australian Dollar with DailyFX SSI.

The Australian Dollar gained against its major counterparts after the country’s employment report crossed the wires. The data reported 26,100 jobs were added in March, which was better than the 17,000 gain expected. The prior figures were revised lower from a 300 position increase to a 700 loss. This marks the biggest increase in payrolls thus far into 2016.

Most of the jobs gained were in part-time roles adding 34,900 positions. This is the highest number since May 2015. Meanwhile, full-time jobs contracted by 8,800 workers. The unemployment rate beat the 5.9 percent forecast, declining to 5.7 percent marking the lowest level since September 2013. The labor force participation rate remained unchanged from February holding steady at 64.9 percent, better than the 64.0 percent expectations.

Overnight index swaps are pricing in a 92 percent probability of at least 1 rate cut from the Reserve Bank of Australia over the next year. Australian 2-year government bond yields rallied more than 1.5 percent after the data crossed the wires. This means that the markets likely interpreted the data to push back against expectations of near-term RBA easing.

The Reserve Bank of Australia maintained a data-dependent approach in regards to monetary policy in April. This puts domestic economic data in the spotlight as members interpret the health and vigor of the Australian economy. Despite the jobs report being better than expected, the AUD/USD erased most of its gains within half an hour of the news while bond yields remained elevated.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.