AUD/USD Soars as Weaker US Jobs Data and Stronger Australia GDP Report Weigh on Greenback
The Australian Dollar saw gains against the US Dollar on Wednesday as weaker-than-expected US jobs data and a stronger-than-forecast Australia GDP report weighed on the Greenback.
AUD/USD traded at 0.7169 after hitting a daily low of 0.7121, up 0.35%. The US Dollar Index (DXY) edged down 0.08% to 99.57.
The ADP National Employment Change in August dipped from 46K to 38K, below forecasts of 47K. This softening labour market data weighed on the US Dollar.
Australia's GDP figures for Q2 2026 rose by 0.4% QoQ and 2.1% YoY, both exceeding forecasts, although the YoY figure was down from 2.5%. The Reserve Bank of Australia (RBA) remains focused on tackling inflation.
The Federal Reserve continues to price in a 25-basis-point rate hike by the September 16 meeting, with odds at 67.50% according to Prime Terminal.