Australian labor market data released this morning, Wednesday, in the Asian session from the Australian Bureau of Statistics (ABS), showed that the unemployment rate fell to 3.5% in June from 3.9% in May, the lowest level in 48 years (August 1974), compared to expectations that it had declined to 3.8%. This coincides with an increase in the participation rate in the labor market at 66.8%.

On the other hand, the economy added about 88.400 thousand jobs in June, an increase of about 0.7% compared to the May reading, which came with the addition of 60.6 thousand jobs, bringing the total jobs at an annual rate to 13.599.300 million jobs, while it was estimated that about 30 thousand jobs were added.

Employment data released today will support a stronger move by the Reserve Bank of Australia at its next meeting in August that may exceed 50 basis points.

The Australian dollar is trading up at 0.6772 levels against the US dollar before the opening of the European markets.