Australia’s unemployment rate rise in April weighs on the AUD, reversing prior gains against the USD.
The Australian Dollar fell toward 0.7100 against the USD in Asian trading Thursday, erasing over 0.5% of gains from the previous session. AUD/USD traded near 0.7120 following weaker-than-expected April labor market data.
Australia’s unemployment rate climbed, contrasting with recent employment trends. The prior month had shown stronger job growth, but April figures disappointed market expectations.
The currency pair extended losses after the release, reflecting investor concerns over domestic economic momentum.