The post AUD/USD clings above 0.6700 as US jobless claims climb appeared on BitcoinEthereumNews.com.

AUD/USD climbs 0.09%, buoyed by strong Australian jobs data and weaker US employment. Australian jobs grow by 50.2K, beating forecasts; Unemployment Rate slightly up at 4.1%. US Jobless Claims rise to 243K, hinting at labor market slack and promoting a risk-on mood. The Australian Dollar extended its gains on Thursday after data from the United States (US) showed the labor market continues to cool, following last week’s Initial Jobless Claims (IJC) report. Therefore, the AUD/USD pair trades at 0.6734, gaining 0.09%. AUD/USD advances on strong Aussie’s jobs data US equity futures point to a positive start, depicting a risk-on environment. This helps the high-beta status of the Aussie Dollar, which was boosted during the Asian session after posting a strong jobs report. The Australian Bureau of Statistics (ABS) revealed that Employment Change increased by 50.2K, exceeding estimates of 20K and May’s 39.5K reading. Nonetheless, the Unemployment Rate ticked higher from 4% to 4.1%. The data would test the Reserve Bank of Australia’s (RBA) patience, as mentioned by TD Analysts in a note: “With measures of inflation continuing to track higher since the start of this year and the labour market holding up better than expected, the RBA’s patience to remain on hold is likely to be tested.” Aside from this, the recently released IJC report shows “some slack” in the US labor market. The number of Americans filing for unemployment benefits in the week ending July 13 rose above estimates of 230K, coming at 243K, and exceeded the previous week’s reading of 223 K.  AUD/USD Price Analysis: Technical outlook From a technical standpoint, the AUD/USD uptrend stays intact, yet the dip from yearly highs of 0.6798 toward the current exchange rate has opened the door to testing the May 4 high, which turned support at 0.6714. Further US Dollar strength…

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Filed under: News - @ July 18, 2024 10:16 pm