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AUD rolling over ahead of jobs data
After the dovish tapering last week by the RBA, the aussie looks to be struggling and heading for more downside ahead of Thursday’s unemployment data. A choppy risk mood is not helping while the US-China relationship is bubbling hot and cold under the surface. The recovery in iron ore, another key driver of AUD, has also stalled recently. Unemployment is forecast to rise to 5% from 4.6% in July. The labour force is expected to lose 100k jobs with weekly payrolls highlighting the hit in New South Wales and Queensland. The spread of the Delta variant remains a key concern. Worse-than-expected data could force another ... (full story)