Aussie rockets on big jobs miss as RBA gives up

Our central bank has completely abandoned the Australian currency to other central banks this morning, from Guy Debelle:

We would like a lower Australian dollar. But we can’t all have depreciating currencies.

And we already see the results. The jobs numbers were weak:

SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE)

• Employment increased 300 to 11,884,000. Full-time employment increased 15,900 to 8,192,600 and part-time employment decreased 15,600 to 3,691,500.
• Unemployment decreased 27,300 to 732,600. The number of unemployed persons looking for full-time work decreased 18,200 to 525,200 and the number of unemployed persons only looking for part-time work decreased 9,100 to 207,400.
• Unemployment rate decreased 0.2 pts to 5.8%.
• Participation rate decreased 0.2 pts to 64.9%.
• Monthly hours worked in all jobs decreased 2.0 million hours to 1,652.6 million hours.

Versus expectations of a 13k increase is a big miss. The headline rate is unimportant given its derived from the participation decrease so the following makes no sense:

But when you have the ONLY CENTRAL BANK OF EARTH cheering its currency higher then you can throw rotten fruit at the dollar and it will rise.