AUD Holds Firm Despite Dismal Jobs Data, Yen Weakness Supports Cross

The Australian Dollar showed resilience in the face of disappointing jobs data by holding above its weekly low against a weaker Japanese Yen.

Australia's labor market report, released earlier in the session, revealed employment change at -52,000 for the month, a sharp reversal from the previous month's gain and well below market forecasts of a +15,000 increase.

The unemployment rate ticked up to 4.2%, from 4.0% prior, signaling a cooling in the labor market that could influence the Reserve Bank of Australia's (RBA) policy path.

Analysts attributed the muted reaction to the fact that the data, while weak, was partially offset by a still-tight labor market and expectations that the RBA may hold off on rate cuts until later in the year.