Flash: Rising jobless rate points to August RBA rate cut - UBS

FXstreet.com (Córdoba) - Australia employment rose by 10,300 jobs in June, beating market expectations for no change. "However, the underlying tone was less positive, as employment gains were entirely driven by part-time jobs, while full-time employment fell by 4,400", says the UBS analyst team.

UBS bearish on the AUD

"Furthermore, the unemployment rate rose more than expected to a near 4-year high of 5.7%", they comment. "Consequently, our economists reaffirmed their view for an August RBA rate cut (as long as quarterly CPI data remains tame on July 24), and we stay bearish on the AUD".