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Australia’s Unemployment Rate Eases in July

Australia’s unemployment rate dipped to 4.2% in July from 4.3% in June, in line with market expectations, according to the latest Bureau of Statistics data.

AUDUSD – Daily Chart

The Australian dollar climbed to a two-week high following the release, as the stronger labour market reduced the likelihood of a September interest rate cut.

AUS200 – Daily Chart

The ASX rebounded from yesterday’s pullback, edging closer to record highs, led by strong gains in utilities stocks.

Employment rose by nearly 25,000 in July, fuelled by an increase of 60,000 full-time positions, while the number of unemployed fell. Female workforce participation hit a record high, with 40,000 more full-time female employees, while the overall participation rate held steady at 67%.

On Tuesday, the Reserve Bank reiterated its forecast for the unemployment rate to remain around 4.3% by December.

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