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Australian labour force data for March was broadly in line with expectations, with the unemployment rate remaining at 4.3%.
AUD finished last week up 2.5%, hitting near one-month highs around 0.707 against USD as risk appetite swung wildly. Markets initially reacted positively to a conditional two-week US-Iran ceasefire, but optimism quickly soured as Iran restricted Strait of Hormuz traffic and enforced illegal tolls. Fresh drone strikes on Saudi infrastructure further signalled that energy disruptions are far from over. Late-week sentiment found brief support on reports of direct Israel-Lebanon peace talks in Washington, though the outlook remains volatile as Israel ruled out a formal ceasefire and Hezbollah rejected negotiations without a truce.
