HSBC – RBA’s easing phase is done

From HSBC economists:

• The December labor force numbers surprised to the upside
• Strength suggests that the “official survey is now starting to look more like the other indicators of labour market conditions, such as job advertisements and business surveys, which have been more positive for some time now

Further …

• In recent months other indicators were a better guide to labour market conditions than the official Australian Bureau of Statistics survey
• HSBC view remains that the unemployment rate is close to, or past, its peak and the RBA’s easing phase is done

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Earlier from today:

• ANZ Bank forecasts RBA to cut cash rate by 0.5% in H1 of 2015
• More from ANZ – expect AUD/USD to fall to 74 cents
• Australia – Employment Change: +37.4K (vs. expected 5.0K)
• Credit Suisse … chance of a rate cut at the RBA February meeting has halved