Forex Flash: Despite Aus jobs data, NAB still expects RBA cuts before year-end

On the back of February 71.5K jobs number, way above expectations, NAB notes that "the chances of a rate cut in April, for domestic reasons, is approaching zero."

NAB economist Robert Henderson notes: "Rising unemployment still likely ahead, however, with modest non-mining activity not enough to offset the labour shedding likely from mining and energy."

The bank still expects the RBA to cut mid-year and again later: "The AUD spiked by three quarters of a cent after the release, something that will not help the prospects of non-resources, trade exposed sectors" Robert adds.