AUD/USD flows: Solid Labor Market

The Australia January unemployment rate rose to 4.1% y/y from 4% but was attributed to the strong participation rate of 67.3%. Headline employment change is a plus 44k with huge gains in full time post, suggesting the labor market remains solid. The RBA has begun cutting and already acknowledged the upside risk in labor market yet their concern has dissipated on slower than expected wage growth.

AUD/USD is down 0.21% at 0.6332..