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AUD/USD to remain under pressure - UBS

FXStreet (Córdoba) - The UBS analyst team commented that last week rise in Australian jobless rate will likely reinforce the Reserve Bank of Australia’s dovish tone, and keep the AUD under pressure.

Key Quotes

“Australia’s jobless rate rose unexpectedly to a 12-year high of 6.4% in July, from 6.0% previously. The Australian Bureau of Statistics attributed about 0.1% increase to sample rotation (the incoming rotation group had a lower proportion of employed persons), while a rise in participation rate added another 0.14%”.

“While these factors might explain part of the jobless rate rise, we think data would reinforce the Reserve Bank of Australia’s dovish tone, and keep the AUD under pressure”.

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