AUD/USD Under Pressure After Mixed Australian Jobs & Chinese GDP Data
2021-07-15 02:30:00
Brendan Fagan,
AUD/USD, Chinese GDP, Australian Jobs Talking Points:
Australian jobs data beats on headline figure, but increased hours reflects NSW lockdowns
AUD/USD may look to test 0.7500 as Fed Chair Jerome Powell says easy policy is here to stay
Chinese GDP shows YoY decline, however QoQ data surpasses consensus estimates
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Australian jobs data came back mixed on Thursday morning as the country struggles with coronavirus lockdowns. The employment change for June came across at 29.1k jobs added, beating the consensus 20k forecast. These job gains helped lower the country’s unemployment rate from 5.1% to 4.9%. Of particular note is the decline in monthly hours worked, tallying -33 million. This is likely the result of numerous lockdowns as a result of Covid variants spreading around multiple metro areas. The mixed bag of data will present a headache to market participants as AUD/USD continues to come under pressure as the fundamental outlook deteriorates in Australia.