Australian labour market data for July is released as follows:
- Australia Employment change Jul 2.2k (est -46.2k; prev 29.1k).
- Australia Unemployment rate Jul 4.6% (est 5.0%; prev 4.9%).
AUD/USD has moved a modest few pips higher on the data in an otherwise bullish environment for the greenback that is embarking on fresh cycle recovery highs to a critical long-term resistance in DXY.
DXY long-term chart
As can be seen, the US dollar is firm and capping gains in the Aussie despite the improved data.
About the Unemployment Rate
The Unemployment Rate release by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. If the rate hikes, indicates a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).