5% is the magic number for the RBA, with an unemployment rate below 5% being seen as inflationary (NAIRU). The previous rate was 4.9% which is what today’s number is also expected to be. The market isn’t interested in good news at the moment and probably won’t react to a better-than-expected number but if the rate comes in above 5% then that will increase the possibility of a rate cut in September, in which case the AUD would get sold. (A lot depends of course on the market mood when the actual data is released)
Featured Videos