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18.07.2019 14:33

Australia's mixed labour data hint at extended RBA pause - ING

ING's strategists note that June's jobs report released overnight showed a fairly robust increase in full-time job creation, although unemployment stayed at 5.2%. 

  • "The Reserve Bank of Australia cut twice (in June and July) in an effort to lower unemployment and revamp inflation, and markets are pricing in a 18 basis point cut by year-end. Given unclear indications from the jobs market we suspect that the RBA may extend its current wait-and-see attitude for the next few months. This should leave AUD mainly driven by external factors, with the fear of rising trade tensions possibly triggering a downside correction in AUD/USD, which may test the 0.7018 100-day moving average support."

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