The AUD/USD price remained under intense pressure as it crashed to the lowest level since January 6.
It fell to a low of 0.6816, about 4.75% below the year-to-date high. The Australian dollar was trading at 0.6877 on Monday.A key theme in the financial market was the strong US dollar comeback. The dollar index pared back most of the losses it made earlier this year as it surged to about $104.
Data from the US have painted a picture that the economy was doing well. The unemployment rate crashed to a multi-decade low of 3.40% as the job vacancy rate jumped to over 10 million people. Many industries like those in the hospitality and manufacturing sector are going through a major labor shortage.
The Reserve Bank of Australia has also insisted that it will maintain a hawkish tone in the coming months. Data published last week showed that the labor market remained under pressure as the unemployment rate rose in January. Inflation also remains above 7.8% while the Chinese economic recovery is not as strong as was expected.
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