Australian employment data showed a mixed reading with a contraction in employment and the unemployment rate falling to its latest 48-year low in July.
According to the Australian Bureau of Statistics (ABS), Australian employment fell by 40,900 in July from an increase of 88,400 recorded in June.
It was also the first recorded decline in employment since November 2021.
Apart from that, the participation rate in employment in the country also decreased to 66.4% compared to 66.8% market forecast and previous reading.
Meanwhile, the unemployment rate was reported to have dropped to 3.4% last month, the lowest level since August 1974.
These mixed results may prompt the Reserve Bank of Australia (RBA) to consider a lower rate hike in the coming months.
However, Australia's tight labor market has so far failed to drive a significant jump in wage growth. Figures on Wednesday showed the wage price index rose 2.6%, less than half the rate of inflation.
Following the publication of this data, the Aussie dollar traded lower and was also affected by stronger USD trading in the Asian session
