The labour market reports was a huge beat, great numbers (admittedly its a volatile data set):
- Australia June Employment Change +50.9K, a huge beat
- Responses coming in to the huge Australian jobs data beat: "booming jobs"
AUD/USD offers sitting 0.7440/55
Bids come in 0.7410 and then under 0.7400
Response from RBC, comments via Reuters :
On the RBA: report will give them a bit of confidence that some of the weakness we saw in employment earlier this year was temporary
- there is still a lot of slack in the (jobs) market
- have to see ongoing above trend and above average job growth to absorb that spare capacity
- need more prints of this magnitude to ease the slack and lift wages growth