The Australian Dollar accelerated its rebound from year-to-date lows following stronger-than-expected Australian employment data seen earlier today.
Australian Dollar recovery has met resistance at 0.6435, and a steady USD is weighing on Aussie's upside attempts. Strong Australian employment figuresaccelerated AUD's recovery earlier today. US PPI and Jobless claims data is expected to reiterate the US economic exceptionalism and support the Dollar. The pair, however, has met resistance at 0.6430. which keeps the broader negative trend intact. Australian employment showed a net increase of 36.
High employment, or low unemployment, has positive implications for consumer spending and thus economic growth, boosting the value of the local currency. Moreover, a very tight labor market – a situation in which there is a shortage of workers to fill open positions – can also have implications on inflation levels and thus monetary policy as low labor supply and high demand leads to higher wages.
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