Australian dollar drops on the big miss for jobs data

The Australian October labour market report is here:

Employment Change: -46.3K for an ugly miss indeed
Unemployment Rate: 5.2% 
Participation Rate: 64.7% 
AUD/USD is below its overnight low:
The Australian October labour market report is here:

Note that the survey for this report was conducted well before the reopening of Australia’s second most populous state, Victoria, and only in the early days of the reopening of the most populous state of NSW (see the link above for the date of the survey). As such it probably will not take too long for the market to ‘look through’ this report to better days ahead. November’s report will be eagerly awaited to show a lot of improvement. Having said this the headlines are going to be ugly on this report today. 

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