Australia: Weak employment data to underscore risks of a July RBA rate cut - NAB

Dhwani Mehta FXStreet

Analysts at National Australia Bank (NAB) offer their expectations on Thursday’s Australian labor market report and its implications for the Reserve Bank of Australia (RBA).

Key Quotes:

“Thursday's labor market data are key for financial markets given the RBA's repeated emphasis on the importance of the unemployment rate for near-term policy.

NAB is forecasting a strong report given the employment boost from temporary workers hired to run the federal election. We expect employment grew by 40k and the unemployment rate ticked down to 5.1% in May.

If we are wrong and unemployment increases again, then the market would price in the risk of a July rate cut.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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