The unemployment rate in September reached 3.6%, lower than the expected 3.7%. Australia added 6.7 million jobs in the month, less than the 20,000 expected.
However, 39.9 thousand full-time workers lost their jobs, 46.5 thousand new part-time jobs were created, and the labor market participation rate fell to 66.7%.
The RBA kept interest rates on hold at 4.10% earlier this month, but then RBA deputy governor Chris Kent last Wednesday stressed further tightening to ensure inflation was back on target.
Minutes from the RBA meeting were published earlier this week, indicating the board is considering the possibility of further rate hikes and will wait for economic data in the short term. In line with hawkish tendencies, RBA Governor Michelle Bullock, speaking at yesterday's summit, cited a series of recent events that have pushed up inflation.
As such, next Wednesday's Australian Q3 CPI data will be the center of attention for the Australian dollar.
Headline inflation is expected to reach 5.2%, well above the RBA's mandated target range of 2-3%, according to a Bloomberg survey.
In the short term, rising US Treasury yields may continue to support the US dollar and push AUD/USD to new lows.
However, 39.9 thousand full-time workers lost their jobs, 46.5 thousand new part-time jobs were created, and the labor market participation rate fell to 66.7%.
The RBA kept interest rates on hold at 4.10% earlier this month, but then RBA deputy governor Chris Kent last Wednesday stressed further tightening to ensure inflation was back on target.
Minutes from the RBA meeting were published earlier this week, indicating the board is considering the possibility of further rate hikes and will wait for economic data in the short term. In line with hawkish tendencies, RBA Governor Michelle Bullock, speaking at yesterday's summit, cited a series of recent events that have pushed up inflation.
As such, next Wednesday's Australian Q3 CPI data will be the center of attention for the Australian dollar.
Headline inflation is expected to reach 5.2%, well above the RBA's mandated target range of 2-3%, according to a Bloomberg survey.
In the short term, rising US Treasury yields may continue to support the US dollar and push AUD/USD to new lows.
🟢TP: 0.6320
🔴SL: 0.6270