Australian Dollar Weakens After Jobs Data Release
The Australian Dollar (AUD) traded lower against the US Dollar (USD), ending a six-day winning streak. The AUD/USD pair remained pressured after the release of Australian jobs data on Thursday, which showed the Unemployment Rate rose to 4.1% in March, slightly below market estimates of 4.2%. Meanwhile, the Employment Change came in at 32.2K, compared to consensus estimates of 40K.
The AUD gained support from improved global risk sentiment after US President Donald Trump announced exemptions for key technology products from newly proposed “reciprocal” tariffs. The exemptions, which cover smartphones, computers, semiconductors, solar cells, and flat-panel displays, largely benefit goods manufactured in China, Australia’s largest trading partner and a major buyer of its commodities.
Markets remained cautious amid ongoing uncertainty surrounding US trade policy. The Trump administration is now considering tariffs on semiconductor and pharmaceutical imports. Domestically, the Reserve Bank of Australia’s (RBA) April Policy Meeting Minutes showed uncertainty about the timing of the next interest rate adjustment.
Source: FXStreet