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Australian Dollar Outlook: AUD/USD Looks to Rebound After Blowout Jobs Data
The Australian economy continues to recover at a brisk pace, with the country adding 115k jobs in May against an expectation of 30k. Of the 115k, 97k were classified as full-time jobs indicating that the labor market continues to rebound as restrictions ease and vaccination rates continue to rise. The strong print dropped the country’s unemployment rate from 5.5% to 5.1%, a dramatic drop that no doubt will draw the attention of the Reserve Bank of Australia (RBA). The employment data follows cautious comments from RBA Governor Philip Lowe regarding wage growth, which led to a decline in AUD/USD on Wednesday. ... (full story)