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20 Jul 2023

20 Jul 2023

USD revival continues

• Stronger USD. US jobless claims declined, another sign the labour market is still tight. US bond yields rose, supporting the USD.• AUD round trip. The AUD’s Australian labour force & stronger CNH induced gains unwound overnight. AUD a bit firmer on the crosses.• Next week. Q2 AU CPI (26 July) could make or break the case for an August RBA hike. US Fed, ECB, & BoJ policy decisions also on the schedule. A more cautious tone across markets, with a round of disappointing tech-sector earnings results and ongoing signs of tight labour market conditions rattling nerves as it points...

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20 Jul 2023

Australian labour market: still on solid ground

Another month, another positive surprise in the Australian labour force lottery. ~32,600 jobs were added in June, led by further strength in full-time employment (+39,300). The positive run means the employment-to-population ratio remains at a record high (64.5%), with the unemployment rate holding steady at a downwardly revised 3.5%. Unemployment is just above its ~50-year lows. Other metrics like underemployment (now 6.4% compared to an average of 8.5% in the years before COVID) and hours worked show that the labour market is still chugging along. Conditions remain tight and hiring demand has (so far) moved in step with the jump...

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