The Australian Dollar (AUD) edges lower against the US Dollar (USD) on Friday, extending its losses for the third successive session. The AUD/USD pair remains subdued as the US Dollar gains support after the release of the United States (US) Weekly Initial Jobless Claims on Thursday.
The AUD also struggled after a weaker-than-expected jobs report, which showed that Australia's seasonally adjusted Employment Change arrived at -5.4K in August from 26.5K in July (revised from 24.5K), compared with the consensus forecast of 22K. Meanwhile, the Unemployment Rate steadied at 4.2% in August, as expected.
The Aussie Dollar found support on the fading likelihood of further Reserve Bank of Australia (RBA) rate cuts. Markets now price just a 20% chance of a September cut, while odds for November stand at 70%, with above-target inflation keeping policymakers cautious.
US President Donald Trump said that he could further extend his trade truce with Chinese President Xi Jinping when the leaders speak on Friday, in addition to brokering a sale for TikTok's US operations, Bloomberg reported late Thursday.
Source: FXstreet
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