AUD/USD flows: Mixed jobs report evaporize early gains

The April Australian Jobs report is remixed with a good headline employment change and higher participation but also higher unemployment rate. As per our forecast, the Australian labor market will gradually correct but remain solid. The headline shine is taken away for most headcount comes from part time employment where we see a drop in full time. Chinese President Xi met with Putin and says China will always be a good friend and partner of mutual trust with Russia is not a sign that China-U.S. relationship heading better soon.

Regional sentiment outpace U.S. major equities in gains but AUD/USD stay depressed after jobs report to trade 0.1% lower at 0.6686.