AUD/USD Under Pressure Despite Strong Jobs Data

The Australian Dollar remains under pressure despite stronger-than-expected jobs data released on Thursday. The AUD/USD pair trimmed its losses and traded around 0.7030, down 0.15% on the day.

Australia's economy created 39.5K jobs in August, well above the 20K increase expected by markets. However, the improvement in employment was accompanied by an increase in the Unemployment Rate to 4.6%, compared with expectations and the previous reading of 4.5%.

The strength of job creation could reinforce the case for a restrictive monetary policy stance from the Reserve Bank of Australia (RBA), as a resilient labor market could keep inflationary pressures elevated and limit the central bank's room to ease policy.