Australian Jobless Rate Hits Near Five-Year High at 4.5% in July

Australia's jobless rate hit its highest point in nearly five years at 4.5% in July, according to recent data. This unexpected decline in employment adds to signs of a cooling labour market, which may ease pressure for another interest rate hike from the Reserve Bank of Australia.

The report sent the Australian dollar down 0.2% to $0.7111, indicating that markets are pricing in little chance of a rate hike next month. However, there is still a coin toss possibility of a move by the end of the year, with much riding on inflation outcomes.