AUD/USD is showing signs of a sustained correction at this juncture, fuelled by a softer greenback and Fed hike prospects as well as positive domestic jobs data.
We have had a series of good news from the jobs sector and today's release underpins the market's strength. The seasonally adjusted data shows that the employment change arrived at 21.6k vs the expected 18.0k, but a far cry from the prior 39.0k that had been revised higher from 37.0k.
The unemployment rate dropped to 5.0%, which is very positive, below the 5.1% prior ad 5.1% expected. Full-time employment has gained traction, -3.0K vs prior was -7.3K, revised from -6.4K and part-time employment change is also looking promising, 24.6K vs prior +46.3K, revised from +43.4K. And above all, the participation rate is sold at 65.6%, marginally lower than prior and expected at 65.7%.
Source : FX Street