The Australian Bureau of Statistics (ABS) released employment data for October, showing an increase of approximately 25,000 jobs, while the unemployment rate remained stable at 4.1%.

Market analysts had predicted that the unemployment rate would remain steady in October before the employment data release. They also noted that wage growth in Australia slowed in the third quarter, increasing by only 3.5%.

In terms of U.S. economic data, higher-than-expected inflation figures have led investors to speculate that the Federal Reserve may delay interest rate cuts until later this year or possibly into early next year. This has resulted in the U.S. dollar strengthening rapidly.

Source: Fxstreet