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16.05.2024

European session review: AUD depreciates following Australia’s April employment report

AUD fell against other major currencies in the European session on Thursday as investors continued to respond to Australia’s April jobs data.

The Australian Bureau of Statistics (ABS) announced overnight that employment increased 38,500 in April after an upwardly revised 5,900 drop (from -6,600) in March, surprising economists who had predicted an increase of 23,700. It should be noted, however, that the April advance in the Austalian employment was due to a 44,600 climb in part-time work, while full-time jobs declined 6,100. The ABS also reported that the unemployment rate jumped to 4.1% in April from an upwardly revised 3.9% (from 3.8%) in March. This was the highest jobless rate since January. Economists had forecast the rate to come in at 3.9%.

Australia’s April employment report convinced markets that an additional hike in the Reserve Bank of Australia’s (RBA) benchmark rate would not come. Earlier this month, markets had seen a 40% probability of such a move. 

Following today’s jobs data, markets now pricing nearly a 54% chance of a decrease in the RBA’s cash rate in December, according to Reuters.

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