Australia’s unemployment rate held at 4.7% in September, according to the Australian Bureau of Statistics, coming in above the 4.6% market consensus and matching the forecast five-year high. Employment change swung to -39.3K from +39.5K in August, against expectations for a +20K gain after July’s -15.9K. The participation rate slipped to 66.8% from a revised 67.0% (previously 67.1%), while full-time employment rose 34.4K after -6.3K and part-time employment fell 73.7K following +45.8K. Hours data showed part-time hours worked down 1.5% and full-time hours up 0.4%.
Currency And Monetary Policy Response
The Australian dollar eased after the release, with AUD/USD down 0.24% to 0.6954. Markets were pricing about a 33% chance of a November rate rise, based on the ASX RBA Rate Tracker. The Reserve Bank of Australia lifted rates for the fourth time this year in September to 4.6%, a 15-year high, and has kept further tightening on the table. Inflation latest showed trimmed mean core CPI up 0.2% month-on-month in August, holding at 3.6% year-on-year for a third consecutive month. Technical levels cited included the 21-day SMA at 0.7013, with the 100-day and 200-day SMAs at 0.7044 and 0.7042, the 50-day SMA at 0.7086, and RSI (14) around 47; reference downside points were 0.6950 and 0.6900.
