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The headlines showing a strong jobs market in Australia have hit local equities Australian shares fell to their lowest in three months, S&P/ASX 200 to its lowest since August 5 after its sharpest fall in 7 weeksThe data:Australian October unemployment rate 4.3% (expected 4.4%, prior 4.5%)unemployment rate dropped, employment change is twice what was expected, full time jobs surgedthe fall in the jobless rate pulls back from a recent four year highLike the headline says, the data destroys hopes of a rate cut for the Reserve Bank of Australia. For quite some time ahead. December rate cut pricing has dropped to around 20%. That’s still way too optimistic.
This article was written by Eamonn Sheridan at investinglive.com.
đź’ˇ DMK Insight
Australia’s job market strength is a double-edged sword for traders right now. While a drop in the unemployment rate to 4.3% (from 4.5%) signals economic resilience, it’s also led to a sell-off in the S&P/ASX 200, which hit a three-month low. This reaction suggests that traders are concerned about potential interest rate hikes from the Reserve Bank of Australia (RBA) as strong employment data could prompt tighter monetary policy. Keep an eye on the broader economic indicators, as sustained job growth might lead to inflationary pressures, impacting not just equities but also the forex market, particularly AUD pairs. If the ASX continues to slide, watch for support levels around the previous lows to gauge potential reversal points. On the flip side, this could create buying opportunities if the market overreacts. Traders should monitor the upcoming RBA meetings for any hints on interest rate adjustments, as that could shift market sentiment dramatically. The immediate focus should be on the S&P/ASX 200’s performance over the next week, especially if it tests key support levels.
đź“® Takeaway
Watch the S&P/ASX 200 closely; a break below recent lows could signal further declines, while upcoming RBA commentary will be crucial for direction.
