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AUD/USD slips below 0.6970 as US data lifts the dollar
AUD/USD eased toward 0.6970 after US initial jobless claims fell to 187K for the week ending July 18, well under the 212K forecast.
The Australian dollar weakened against the US dollar, with AUD/USD trading lower near 0.6970 as the greenback strengthened following upbeat US labor market data, according to FXStreet.
FXStreet cited US initial jobless claims dropping to 187K in the week ending July 18, below the 212K market forecast and the previous revised 209K. The firmer reading supported expectations for resilient employment, helping lift US Treasury yields and driving safe-haven demand for the dollar as geopolitical tensions between the US and Iran continued.
The move also reflected cautious risk sentiment after remarks by US President Donald Trump about considering a larger response and indicating Israel would join if asked, FXStreet said. That uncertainty further weighed on the Australian dollar.
On the Australian side, FXStreet noted that June employment was broadly strong, with employment change up 76.3K versus 15K expected, while the unemployment rate held steady at 4.4%. Traders are also looking ahead to Australia’s preliminary July S&P Global PMIs, while FXStreet’s technical view kept a mildly bearish near-term bias as AUD/USD stays below key resistance around the 0.7000 area.