Australia's labour market report is out as follows:

• Australia Employment Change June: 88.4K (est 30K, prev 60.6K).
• Unemployment Rate June: 3.5% (est 3.8%, prev 3.9%).
• Participation Rate June: 66.8% (est 66.7%, prev 66.7%.
• Full-time Employment +52.9k.

AUD/USD update

AUD/USD had been bumping along 0.6730 lows for the day and a touch above the low of Tuesday around 0.6725. A break of the Tokyo highs, 0.6761, will potentially lead to a strong correction of the sell-off with 0.6800 in focus as the prior day's highs. 

About the Unemployment Rate

The Unemployment Rate released by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labour force. If the rate hikes indicate a lack of expansion within the Australian labour market. As a result, a rise leads to a weakening of the Australian economy. A decrease in the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).