During Thursday’s Asian trading hours, the AUD/USD pair maintained a positive position, hovering around 0.7010. The Australian dollar (AUD) experienced a slight uptick against the US dollar (USD) following the recent employment data from Australia. Traders are keenly watching the evolving situation regarding the conflict in the Middle East.
According to statistics released on Thursday by the Australian Bureau of Statistics (ABS), the country’s unemployment rate held steady at 4.4% in June, aligning with market expectations. Employment rose by 76,000 in June, a notable increase compared to May’s revised figure of 44,000 (up from 40,000), and far exceeding the predicted rise of 15,000.
The positive job report sparked interest among buyers in Australian shares. This particular report holds significant weight for the Reserve Bank of Australia (RBA) in its evaluation of monetary policy. The unexpectedly strong employment data indicated a robust labor market, which could lead the central bank to adopt a more hawkish approach.
However, the ongoing tensions in the Middle East might drive investors towards safe-haven currencies like the greenback, which could limit any upward movement for the AUD/USD pair. Iranian Foreign Minister Abbas Araghchi stated on Wednesday that Iran would retaliate similarly to any attacks on its infrastructure, amid threats from US President Donald Trump regarding potential military action in the Strait of Hormuz.
