Australia June employment rose +10.3K -vs- estimates of 0.0 while the unemployment rate edged up to +5.7%. Full time jobs fell -4.4K, less than last month's reading of -5.3K while part time jobs rose by +14.8K. AUD/USD, which had been trading around 0.9220, surged to 0.9270 before retreating.
The rise in the unemployment rate is probably due to more people entering the job-seeker pool brought about by the steady decline in full time employment over the past few months. The report reinforces the RBA's forecast of a softer job market as economic growth continues to decelerate. The market is currently pricing in a 60% chance that the central bank will cut rates again when they meet next month.