Australian Dollar Rebounds From Lows Following Shock September Jobs Contraction

The Australian dollar staged an intraday rebound after falling below 0.69042 and dropping more than 1% following unexpectedly weak domestic employment figures and resilient US economic data. Australia's September net employment contracted by 39,300, missing forecasts for a 20,000 increase as a 73,700 plunge in part-time work offset a 34,400 rise in full-time jobs. The unemployment rate rose to 4.7% (4.72% unrounded), while the participation rate fell to 66.8%. The downbeat data slashed market-implied odds of a November Reserve Bank of Australia rate hike to roughly 15% to 15.6%.