AUD/USD little changed after June employment report (unemployment rate dropped to 4.9%)

A stunning result for the jobless rate, its lowest since December of 2010.

• Australia Jobs in June +29.1 K (vs. +30K expected) & Unemployment rate 4.9% (5.1% expected)

Employment in Australia is now more than 1% above its pre-Covid level. Employment to population ratio has never been higher.

AUD/USD nonplussed:

June's report was impacted by the Melbourne lockdown.

July's will be hit by the Sydney lockdown.

Melbourne's lockdown was harsher. But Sydney's will be longer. Maybe its a wash?