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AUDUSD at Risk, Australia Jobs Data Underpins Another RBA Rate Cut
The Australian Dollar came under selling pressure as the latest local jobs report resulted in lackluster outcomes. In May, Australia’s unemployment rate held steady at 5.2%, economists were calling for a downtick to 5.1%. While the nation added more jobs (42.3k versus 16.0k expected), most of those gains were derived from part-time positions (39.8k). More desirable full-time additions only clocked in at 2.4k. On the upside, Australia’s labor force participation rate ticked higher unexpectedly from 65.9% in April to 66.0% which is a record high. Forecasts were calling for a decrease to 65.8%. This suggests that ... (full story)