Australia: July employment data was reasonable - BBH

Australia's July employment data was reasonable and will not change views of monetary policy, according to analysts at BBH.  

Key Quotes

“Australia created 27.9k jobs, which was a bit more than expected, but there were all part-time positions.  There were 20.3k fewer full-time positions.  On the other hand, the June series was revised up to show a dramatic 69.3k full-time position.  The unemployment rate ticked down to 5.6% from a revised 5.7% even though the participation rate also rose (65.1% from 65.0%).”

“The Australian dollar has built on yesterday's strong gains, some suggesting in part because of the continued rally in industrial metals, including copper to two-year highs.  It is testing a retracement objective near $0.7965.   There is an A$1.1 bln option expiring today struck at $0.7975.”