The headline number of 50,900 jobs created in Australia was well over the 16,700 jobs that were expected and the 5.4% unemployment rate was the lowest in over five years. However this was not enough for the Aussie to sustain gains. The AUDUSD pair initially jumped higher on strong data but the 40 pip gain was soon reversed as the $0.7440 proved to be a strong resistance level. The strong data [print may not be enough for the RBA, as the central bank needs to see more wage inflation. Meanwhile trade war fears linger, and as China is a strong trading partner of Australia, this tends to weigh on the AUD.
Chinese yuan dips
Daily Analysis - 19/07/2018