AUD/USD bounces off daily low on upbeat Australian jobs report, up next Chinese macro data – by hareshmenghani AUDUSD Employment RBA Fed Currencies
the Asian session on Thursday. Spot prices, however, manage to recover a few pips from the daily low touched in the last hour and bounce to the 0.6785-0.6790 region following the better-than-expected release of the Australian jobs report.
The Australian Bureau of Statistics reported that the number of employed people rose by 75.9K in May as compared to consensus estimates pointing to a reading of 15K and the loss of 4.3K in the previous month. Additional details revealed that the jobless rate unexpectedly ticked lower to 3.6% from 3.7% in April. This comes on the back of the Reserve Bank of Australia's hawkish 25 bps lift-off last week, which, in turn, benefits the Australian Dollar and lends support to the AD/USD pair.
Apart from this, worries about a global economic downturn, particularly in China, might contribute to capping the upside for, at least for the time being. Hence, the market focus now shifts to the Chinese macro data dump - Industrial Production, Retails Sales, Fixed Asset Investment and Unemployment Rate, due in a short while from now.
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