AUD: Focus on employment report – RBC CM

According to analysts at RBC Capital Markets AUD has backed off a touch from the 0.7940/45 high, and whether it can make a concerted attack at 0.80 may come down to tomorrow’s June employment report.

Key Quotes

“RBC is a bit below consensus in expecting a smaller increase in employment (5k, cons: 15k) after a couple of months of surprisingly strong data. While the unemployment rate was reported down another 0.2pp to 5.5% in May, our economists doubt that the labour market has tightened this much in underlying terms and look for the UR to correct 0.1pp higher to 5.6% (cons: 5.6%).”