The dust is now settled and AUD/USD trading near session highs of 1.0220/25 .
- Employment dipped 8.8k vs +5k expectations .
- Unemployment rate also dips to 5.1% (5.3% forecast) as the participation rate fell to 65.0 (lowest level in in more than 5 years .
- Market now pricing in a rate cut as early October (November/December was previous forecast for a cut) .
- Market knee-jerked after the 8.8k fall was reported (sending AUD/USD to 1.0165/70. low)
- Market was heavily short going into the number and ran for cover after seeing the 5.1% rate . (1.0191/94 then up through 1.0200 )
- Key support levels held in AUD/USD at 1.0165/70 and in AUD/JPY at 79.80/85 .
Would you consider these good , bad , or indifferent numbers ? I’d still look to sell on what I think are poor numbers , but maybe we get a bit more of a short-covering rally not a good number rally .
