- Australia added 53,000 additional jobs in March
- Australian dollar climbs 0.50%
- Bullock, RBA Deputy governor, states that rate pauses are not linked to the banking crisis
Australian job growth surges
Today’s employment report from Australia was a huge success, which gave the Australian dollar a boost. After a downwardly revised 63.600 a month prior, 53,000 jobs were created in March. This exceeded the estimate of 20,000. What’s more, full-time employment increased by 72,000 while that of part-time declined by 19,200. The forecasted 3.6% unemployment rate was met by 3.5% unemployment.
What can we expect from RBA? The RBA paused in March during the current rate-tightening cycle. Governor Lowe stated that another pause would depend on data. The odds of a pause are now 78%, as compared to 94% prior to the employment release. The RBA will consider a 25-basis points increase if inflation rises more than anticipated.
The recent global bank crisis that engulfed the financial markets seems to have subsided. The extent of the…