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Australian dollar remains little changed after employment data

Data on the Australian workforce is here:

There’s a lot to unpack in there, with some bad news (higher than expected job losses, higher unemployment rate… and more) and some encouraging news (more hours worked).
Zooming out of the report, there’s also the issue that half of Australia’s population (just under half) will come out of the restrictions in the days and weeks to come, NSW is already doing so. It was always going to be a cushion for the bad news on this jobs report. I said a lot in the preview I posted yesterday:
  • A downside surprise will be ruled out with Sydney starting its reopening and Melbourne set to do so, so the economy is expected to rebound

Even more important for traders in this overview I said something else:

  • AUD is hostage to offshore developments, not national data.

Sure, job data is important, but not a lot right now.

AUD has barely budged from the data:

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