Australia’s Employment Plunge Prompts Boost in Rate-Cut Bets

Australian employment surprisingly dropped in February, sending the currency and government bond yields lower as traders boosted bets on further interest-rate cuts this year.

Employment declined by 52,800 — led by full-time roles — compared with a forecast 30,000 increase, government data showed on Thursday. The jobless rate held at 4.1%, reflecting a fall in participation.