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Australian dollar firms above 0.7000 after jobs data

AUD/USD held near 0.7010 after Australia’s unemployment rate stayed at 4.4% in June and employment change rose 76.3K.

Reported · Written up by our desk · Major Pairs

The Australian dollar strengthened against the US dollar in Asian trading, with AUD/USD holding positive ground near 0.7010, according to FXStreet.

FXStreet cited data from Australia’s Bureau of Statistics showing the unemployment rate stayed steady at 4.4% in June, matching market expectations. It also said employment change rose to 76.3K in June, after an increase of 44K in May, and that the June result beat the forecast for a 15K gain.

The move was linked to expectations that a resilient labor market could keep the Reserve Bank of Australia in a more hawkish posture, since it uses labor conditions when assessing monetary policy.

FXStreet also noted that attention remained on developments in the Middle East, where heightened risk could bolster safe haven demand for the US dollar and limit further upside for AUD/USD.

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