AUD Still Falling Despite Upbeat Australian Jobs Data

The Australian dollar (AUD) fell despite the release of employment data on Thursday. Australia’s employment change showed that the number of employed people increased by 39,700 in May, compared with 38,500 in the previous month, while the market consensus was 30,000. Meanwhile, the unemployment rate was 4.0%, lower than the expected 4.1%.

The Australian dollar recovered its recent losses after the hawkish tone of the US Federal Reserve (Fed), dragging the Australian dollar/US dollar (AUD/USD) currency pair. Investors await the release of US weekly initial jobless claims and producer price index (PPI) on Thursday to further understand the economic situation in the United States.

The Federal Reserve kept its benchmark lending rate in the range of 5.25%-5.50% for the seventh consecutive time at its June meeting on Wednesday, as the market generally expected.

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