Australian Labor Market Softens as AUD/JPY and AUD/NZD Show Bearish Signs
The Australian labor market experienced another decline in July, with unemployment rising to 4.5%, matching its 4.5-year high set in April.
Job growth contracted by -15.8k, while participation and job growth were low, further reducing the case for an RBA rate hike.
The Australian dollar reaction was muted overall, but AUD/JPY and AUD/NZD are showing bearish momentum.