Aussie Dragged By Downbeat Jobs Report

This morning, the Australian dollar weakened against the U.S. dollar following a downbeat jobs report.

Official data showed that Employment in Australia plunged 227,700 in May, much worse than a reduction of 78,800 expected. The Jobless Rate jumped to 7.1% (6.9% expected) from 6.4% in April.

Obviously, the impacts of the coronavirus pandemic are still lingering.

In fact, market sentiment is seeing renewed drag caused by worries over a second-wave coronavirus pandemic. Authorities of Chinese capital city Beijing ordered the lockdown of residential communities following surging infections. In the U.S., the number of coronavirus cases in Arizona, Florida and Texas reached new highs.

Meanwhile, Qantas Airways, Australia’s flag carrier, has canceled all international flights until late October. The decision came after Australian Tourism Minister Simon Birmingham said the country’s border for overseas travel would only reopen next year.

The Australian dollar should find it difficult to strengthen against the greenback.

On an Intraday 30-minute Chart, AUD/USD is testing the Immediate support at 0.6835.

Obviously, the impacts of the coronavirus pandemic are still lingering.

In fact, market sentiment is seeing renewed drag caused by worries over a second-wave coronavirus pandemic. Authorities of Chinese capital city Beijing ordered the lockdown of residential communities following surging infections. In the U.S., the number of coronavirus cases in Arizona, Florida and Texas reached new highs.

Meanwhile, Qantas Airways, Australia’s flag carrier, has canceled all international flights until late October. The decision came after Australian Tourism Minister Simon Birmingham said the country’s border for overseas travel would only reopen next year.

The Australian dollar should find it difficult to strengthen against the greenback.

On an Intraday 30-minute Chart, AUD/USD is testing the Immediate support at 0.6835.