ANALISIS FANDAMENTAL(FA) - Employment Change - High Impact !!! PAIR AUD

Aussie subdued near 4-mth lows ahead of jobs data

SYDNEY, Aug 7 (Reuters) - The Australian dollar hovered just above four-month lows against a buoyant U.S. currency on Thursday, ahead of domestic jobs data which could point to some moderation in the drum-tight labour market.

* The Aussie got a slight lift from New Zealand jobs numbers, which showed surprising strength in the second-quarter [nWEL18703].

* Analysts are forecasting the Australian economy added just 1,250 new jobs in July, with the jobless rate inching up to 4.3 percent from 4.2 percent. A jump in the unemployment rate to 4.5 percent could lead to a sell-off in the Aussie, analysts said.

* Financial markets are pricing in nearly a 50 basis point rate cut in September , which would be the first reduction in seven years, after the Reserve Bank of Australia (RBA) on Tuesday flagged the prospects of an easier monetary policy bias, given rapidly cooling consumer demand.

* Those expectations led yield spreads between two-year U.S. and Australian government bonds to shrink to their lowest this year around 342 basis points, putting more downward pressure on the high-yielding Aussie.

* By 9:20 a.m. the Aussie dollar was at $0.9100/04 against the U.S. dollar, from $0.9182/86 late here on Wednesday, and having hit a fresh four-month low of $0.9065 in offshore trade.

* It has lost nearly 9 percent since striking a 25-year high of $0.9851 in mid-July, hurt by intense speculation that domestic interest rates had peaked and undermined further by commodity prices which fell from dizzy heights.

* The CRB commodities index dipped 0.3 percent as oil plumbed three-month lows below $120 a barrel, hurting demand for gold and other precious metals. Australia is a big exporter of commodities.

* The U.S. dollar was supported by lower oil prices, which are expected to provide a boost to the struggling U.S. economy.

* Expectations the U.S. economy will perform better saw stocks on Wall Street extend gains. Better risk appetite supported the Aussie against the yen, with the local currency inching up to 99.71 yen from 99.42 yen late here on Wednesday.

* Australian short-term bonds were slightly lower as safe-haven inflows eased and the market took a breather after a recent rally. Local bonds have made impressive gains in the past two weeks on hopes official interest rates were headed lower.

* September bill futures shed 0.01 points to 92.71 while the three-year contract fell by 0.02 points to 94.095. The 10-year bond contract , on the other hand, added 0.015 points to 94.00.

(Reporting by Anirban Nag; Editing by James Thornhill)