Greenback Rebound Puts AUD Under Pressure

AUD/USD coming under pressure as the session wears on, last down 16 pips at 0.7465, sights are on 0.7365, the bear channel base drawn off the Feb 25 high. Pressure coming from a stronger greenback which is picking up from yesterday's lows. DXY last up 0.081 at 92.49

• For labour market data a larger than expected rise in the headline number of employed (+29.1K vs. median exp of +20.0K) was enough to drive the unemployment rate down to 4.9% (vs. expectations for a steady 5.1% print) as the participation rate held steady. The rise in headline jobs was driven solely by full-time jobs (+51.6K) as part-time employment fell (-22.5K). Underemployment nudged higher in June, edging up from the multi-year lows registered in May (7.9% vs. 7.4% in May)
• From China GDP was slightly below estimates and confirmed a slowdown, but other data points including retail sales, industrial production and fixed asset investment were all strong.