The Australian economy has recorded another month of employment gains, with new full-time positions outweighing fewer part-time positions. The ABS released employment estimates for October and the total number of people employed in Australia in either full-time or part-time work increased by 3,700. This figure did not meet market expectation of 18,000 new positions, although September’s increase was revised up from 19,800 to 26,600.
Bond yields had been creeping up in the lead up to the release and then they rose another basis point or two over the next two hours. However, by the end of the day, 3 year bond yields inched up 1bp to 1.96% while 10 year bond yields slipped 1bp to 2.60%. In the currency market the Aussie initially shot up against the USD but then it slipped back to finish largely unchanged at around 75.85 U.S. cents.
