Pound Surges Against Aussie Dollar Amid Weaker Jobs Data
The Pound to Australian Dollar exchange rate rose on Thursday in response to weaker-than-expected Australian jobs data. The AUD fell through Thursday's Asian trading session after Australia's latest employment figures showed a sharper-than-expected cooling in the labour market.
Australia's labour market unexpectedly shed 15,800 jobs in July, contrasting with forecasts for an increase of around 15,000. The unemployment rate rose to 4.5%, up from 4.4% in June and its highest level since late 2021.
The unexpected soft data prompted some AUD investors to adjust their expectations for further monetary tightening from the Reserve Bank of Australia (RBA), with another rate hike later in the year now seen as a 'lineball call'. The Pound was able to edge higher against the Australian Dollar, but traded sideways against most of its other peers on Thursday.