AUD Fails To Gain Support From Strong Jobs Data

The Australian dollar edged lower despite the release of employment data on Thursday. Australia’s employment change showed that the number of employed people increased by 397,000 in May, beating expectations of 30,000 and the previous 385,000. Meanwhile, the unemployment rate was 4.0%, lower than the expected 4.1% in April.

The US dollar recovered its recent losses after the Federal Reserve issued a hawkish stance, which weakened the Australian dollar against the US dollar. Investors await the release of the US weekly initial jobless claims and producer price index (PPI) on Thursday for further insights into the state of the US economy.

The Federal Open Market Committee (FOMC) kept the benchmark lending rate in the range of 5.25%-5.50% for the seventh consecutive time at its June meeting on Wednesday, which was also widely expected by the market.

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