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14 Mar 2013
Forex Flash: Despite Aus jobs data, NAB still expects RBA cuts before year-end
On the back of February 71.5K jobs number, way above expectations, NAB notes that "the chances of a rate cut in April, for domestic reasons, is approaching zero."
NAB economist Robert Henderson notes: "Rising unemployment still likely ahead, however, with modest non-mining activity not enough to offset the labour shedding likely from mining and energy."
The bank still expects the RBA to cut mid-year and again later: "The AUD spiked by three quarters of a cent after the release, something that will not help the prospects of non-resources, trade exposed sectors" Robert adds.
NAB economist Robert Henderson notes: "Rising unemployment still likely ahead, however, with modest non-mining activity not enough to offset the labour shedding likely from mining and energy."
The bank still expects the RBA to cut mid-year and again later: "The AUD spiked by three quarters of a cent after the release, something that will not help the prospects of non-resources, trade exposed sectors" Robert adds.