AUD Climbs on Strong Job Data Ahead of Trump-Xi Meeting
The Australian Dollar (AUD) regained some lost ground against the US Dollar (USD) after the release of Australian job data for August. The data showed that the economy created 39.5K fresh jobs, beating estimates of 20K.
However, the unemployment rate rose to 4.6%, contrary to expectations of a flat reading at 4.5%. This mixed bag of results may have contributed to the AUD's initial decline against the USD in the early European session.
The US Treasury Yields reached a fresh 19-year high near 5.13%, bolstering the outlook for the US Dollar. The Reserve Bank of Australia (RBA) may consider hiking interest rates in response to the strong job data, which could support the AUD in the short term.
As investors await the meeting between US President Donald Trump and Chinese leader Xi Jinping, the outcome of their discussions on trade, AI, technology, Taiwan, and Middle East energy supply will likely impact global markets.