PREVIOUS TRADING DAY EVENTS 13 April 2023

Announcements  

The Australian Bureau of Statistics reported yesterday that the change in employment for March was higher with 53K new jobs being more than expected but lower than the previous month. In addition, the  Unemployment Rate remained unchanged at 3.5 but lower than the estimates of 3.6.

The AUD has appreciated greatly at the time of the release causing an intraday shock to AUD pairs. With such numbers and growth, it is expected that the RBA will consider raising interest rates again. Policymakers paused hiking last week, however, economists expectations are that the cash rate will rise to 3.85. 

The labour market is probably past its best but still very tight, said SuLin Ong, chief economist for Australia at Royal Bank of Canada. Todays data likely reinforce the RBAs tightening bias and we leave one more 25 basispoint hike in our profile.

Australias surprisinglybig surge in jobs growth in March raises the odds of a final 25basispoint rate hike in May. The 1Q CPI report, due April 26, is the last major data point that could make or break the case for further tightening James McIntyre, economist.

Source httpswww.bloomberg.comnewsarticles20230413australianemploymentsurgesaslabormarketweathersratehikesxj4y7vzkg

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