AUD: Weak labour market conditions prevail - TDS

FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, notes that there were numerous questions surrounding how accurate today’s Sep employment report would be, and while the result was ok, the market took the outcome as weak.

Key Quotes

“Headline employment fell –5.1k, vs median +9.6k, the participation rate eased, while the unemployment rate was unchanged at 6.2%. As far as the RBA is concerned, annual employment growth remains decent at 2%/yr and unemployment remains steady at 6.2%. Motor vehicle sales were firmer and RBA FX transactions were all on behalf fof the government, so the market ignored.”