The Australian Dollar appreciated due to the higher-than-expected Employment Change.
Australia’s Unemployment Rate dropped to 4.0%, from April’s 4.1% rate as expected.
The US Dollar recovers losses as FOMC leaves its benchmark lending rate in a range of 5.25%–5.50% for the seventh time in a row.
The Australian Dollar (AUD) inched higher following the employment data release on Thursday. Australia’s Employment Change showed that the number of employed people increased by 39.7K in May, exceeding the expected 30.0K increase and the previous 38.5K rise. Meanwhile, the Unemployment Rate came in at 4.0%, below April’s 4.1% rate as expected.
The US Dollar (USD) recovers its recent losses after the hawkish hold from the US Federal Reserve (Fed), undermining the AUD/USD pair. Investors await the US weekly Initial Jobless Claims and Producer Prices Index (PPI) on Thursday to gain further impetus on economic conditions in the United States (US).
The Federal Open Market Committee (FOMC) left its benchmark lending rate in a range of 5.25%–5.50% for the seventh time in a row at its June meeting on Wednesday, as widely expected.
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