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The Australian Dollar edges lower despite the higher-than-expected increase in new jobs created in August. Australian Employment Change rose by 47.5K in August, surpassing the consensus forecast of 25.0K. Federal Reserve’s bumper rate cut signals its commitment to safeguarding the labor market and protecting the economy from recession. The Australian Dollar (AUD) breaks its three-day winning streak against the US Dollar (USD), following the labor market report released on Thursday. Additionally, traders continue to assess the Federal Reserve’s (Fed) 50 basis points (bps) interest rate cut on Wednesday. Australian Employment Change came in at 47.5K in August, down from 58.2K in July, but well above the consensus forecast of 25.0K. The Unemployment Rate remained steady at 4.2% in August, in line with both expectations and the previous month’s figure, according to data released by the Australian Bureau of Statistics (ABS). The Federal Open Market Committee (FOMC) lowered the federal funds rate to a range of 4.75% to 5.0%, marking the Fed’s first rate cut in over four years. This move signals the Fed’s commitment to safeguarding the labor market and steering the economy away from any signs of recession. Federal Reserve Chair Jerome Powell stated during a press conference after the monetary policy meeting, “This decision signifies our increased confidence that, with the right adjustment to our policy approach, we can sustain a strong labor market while achieving moderate economic growth and bringing inflation down to a sustainable 2% level.” Daily Digest Market Movers: Australian Dollar edges lower despite a stronger Employment Change Fed policymakers updated their quarterly economic forecasts, increasing the median projection for unemployment to 4.4% by the end of 2024, up from the 4% estimate made in June. They also raised their long-term projection for the federal funds rate from 2.8% to 2.9%. JP Morgan CEO Jamie…

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Filed under: News - @ September 19, 2024 2:10 am