The Australian dollar is in positive territory on Thursday. AUD/USD is trading at 0.6607 in the European session, up 0.16% on the day at the time of writing. Earlier, the Aussie rose as high as 0.6633 (0.48%) before retracting.
Australian job growth jumps but unemployment rises
The Australian employment report for July was an interesting mix. Job growth remained strong as the economy added 58.2 thousand jobs, up from a revised 52.2 thousand in June and crushing the estimate of 20 thousand. Full-time employment rose by an impressive 60.5 thousand as part-time jobs dipped by 2.3 thousand.
At the same time, the unemployment rate nudged higher to 4.2%, up from 4.1% in June which was also the market estimate. This marked the highest unemployment rate since January 2022, but the increase was reflective of a higher worker participation rate.
Overall, the employment report was positive and supports the Reserve Bank’s hawkish stance on rate policy. Last week, RBA Governor Bullock said that a rate cut was unlikely for the next sixth months. The markets are more dovish and anticipate a rate cut before the end of the year. Still, the markets have pared the likelihood of a November rate cut to 45%, down from 55% prior to the employment release.
On the inflation front, consumer inflation expectations rose to 4.5% in August, up from 4.3% in July and the highest level since April. This release also supports the case for the RBA to continue its rate policy of “higher for lower” until inflation data move closer to the target band of 2% to 3%. The RBA holds its next policy meeting on September 24.
AUD/USD technical
-
AUD/USD is testing resistance at 0.6612. Above, 0.6628 is a weak resistance line, followed by 0.6659.
-
0.6581 and 0.6566 are the next support levels.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.
Recommended Content
Editors’ Picks

Gold hovers around all-time highs near $3,250
Gold is holding steady near the $3,250 mark, fuelled by robust safe-haven demand, trade war concerns, and a softer-than-expected US inflation gauge. The US Dollar keeps trading with heavy losses around three-year lows.

EUR/USD retreats towards 1.1300 as Wall Street shrugs off trade war headlines
The EUR/USD pair retreated further from its recent multi-month peak at 1.1473 and trades around the 1.1300 mark. Wall Street manages to advance ahead of the weekly close, despite escalating tensions between Washington and Beijing and mounting fears of a US recession. Profit-taking ahead of the close also weighs on the pair.

GBP/USD trims gains, recedes to the 1.3050 zone
GBP/USD now gives away part of the earlier advance to fresh highs near 1.3150. Meanwhile, the US Dollar remains offered amid escalating China-US trade tensions, recession fears in the US, and softer-than-expected US Producer Price data.

Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.

Is a recession looming?
Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.