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Forex

AUD/USD Pauses at Support as Jobs Report Looms

Guavy AI Editorial Team
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AUD
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The AUD/USD pair has been under pressure in recent days, dropping from its high of 0.7238 earlier this month to its current price of 0.7117.

A report by S&P Global showed that Australia's manufacturing and services PMIs remained above 50 this month, indicating a strong economy despite rising inflation.

The upcoming Australian jobs report is expected to show a creation of 20.9 jobs last month after losing 15.8k jobs in the previous period, with the unemployment rate remaining at 4.5%.

A strong jobs report could increase the likelihood of a 0.25% interest rate hike by the Reserve Bank of Australia (RBA) in its upcoming meeting.

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