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AUD Retreats as Soft Jobs Data Offset Prior Gains

Guavy AI Editorial Team
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AUD
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The Australian Dollar retreated on Thursday as softer-than-expected jobs data offset prior gains. The AUD/USD pair traded near 0.7120 in Asian hours, shedding over half a percent of its previous day's advance.

Australia's Unemployment Rate rose to 4.5% in July, exceeding market forecasts for 4.4%. Employment Change declined by 15.8K jobs, contrasting with predictions for a 15.0K increase.

Strategists at Rabobank pointed out that expectations for additional policy tightening by the Reserve Bank of Australia remain restrained, with market-implied policy rates pricing in just 12 bps of rate hikes over the next three months.

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