Daily digest market movers: Australian labor market data guides the AUD course.
- The Australian Bureau of Statistics (ABS) revealed an impressive 50.2K increase in employment changes, surmounting the earlier market forecasts of 20K and May's 39.5K record.
- On the negative side, the Unemployment Rate escalated slightly from 4.0% to 4.1%, and although minor, it might ease the RBA’s hawkish stance.
- On the US front, labor data indicates applicants for unemployment insurance benefits rose by 243K in the week ending on July 13.
- These figures exceeded initial forecasts and previous weekly records according to Thursday's report from the US Department of Labor.
- Currently, projections predict nearly a 50% chance of the RBA taking a rate hike, possibly in September or November.
- The potential rate cut by the Federal Reserve in September, however, seems a close deal and divergent approaches by the Fed and RBA towards their respective monetary policies could curb the losses of the pair
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