Australia’s June employment change surged to 76.3K, beating forecasts and supporting the Reserve Bank’s hawkish stance.
The AUD/USD pair climbed above 0.7010 in Asian trading after Australia’s June employment data exceeded expectations. The economy added 76.3K jobs, far outpacing the forecasted 15K increase and May’s revised 44K gain.
The unemployment rate held steady at 4.4%, matching consensus. The stronger-than-expected labor market reinforces the Reserve Bank of Australia’s hawkish policy outlook, as employment trends influence monetary decisions.
Geopolitical tensions in the Middle East, however, may limit further gains by bolstering demand for the safe-haven USD.