Australia's August Employment Report Expected to Reflect Steady Labor Market

Australia's August employment report is due out on Thursday at 1:30 GMT, and analysts expect the country to have added 20K new jobs in the month. The unemployment rate is forecast to remain steady at 4.5%, while the participation rate is expected to hold at 66.9%.

The Australian Bureau of Statistics (ABS) will also report on full-time and part-time positions, which are closely watched by economists. Full-time jobs typically provide a consistent income and benefits, but may have higher hourly rates and lower consistency compared to part-time employment.

Ahead of the release, the AUD/USD pair is trading at around 0.7050, with a bearish bias due to persistent USD demand. The pair has been pressured by the ongoing strength of the US dollar, which has risen amid hawkish comments from Federal Reserve officials and a surprise interest rate hike.

Valeria Bednarik, Chief Analyst at FXStreet, notes that technical indicators are turning sharply lower within negative levels, hinting at lower lows ahead. If the pair breaks below 0.7030, the risk of additional declines will increase.