Australian employment data continued to show encouraging readings in June, reflecting the momentum of continued economic recovery before the country implemented a coronavirus shutdown.
According to data published by the Australian Bureau of Statistics (ABS) on the Asian session, the unemployment rate fell to 4.9% from 5.1% in May, and compared to expectations unchanged by the market.
In addition, the Australian economy was also reported to have added 29,100 workers, driven by an increase in full -time employment, exceeding expectations for an increase of only 20,000, while the participation rate was 66.2%.
However, the Aussie dollar failed to react to this positive reading, squeezed by the bleak outlook on recovery following the resurgence of the Covid-19 case that forced sanctions to be implemented in much of the country.
Meanwhile, disappointing readings in Chinese economic data also pushed the Aussie dollar to depreciate lower in the Asian session.
China’s Gross Domestic Product (GDP) was reported to increase 7.9% in the second quarter of 2021, compared to expectations of 8.1% and the previous reading of 18.3%.
This indirectly indicates that the recovery in the world’s second largest economy is weaker than expected.
