AUD/USD maintains weekly low at 0.6890 despite bad Australian employment;

The AUD/USD pair maintains its downward momentum at the intraday low of 0.6890 as the previous monthly peak tests the bears during the second day of losses on early Thursday in Europe.

 Due to a negative Australian employment data for August and mounting recessionary worries, the Aussie pair retreats further from its day-before highs, which had been the highest since August 2022.

Seasonally adjusted figures for Australia’s headline Employment Change showed a negative trend, reporting -14.6K instead of the predicted 22.5K and 64K in the preceding period.

In addition, the unemployment rate increased to 3.5% from the market consensus. The dismal Australian employment data is being hailed by AUD/USD bears, who also fear that the Reserve Bank of Australia (RBA) may become less hawkish as a result of the US recession troubles.

 Traders disregard positive China-related fears. According to recent infection patterns and the removal of the majority of COVID-19 restrictions, Gita Gopinath, the first Deputy Managing Director of the International Monetary Fund (IMF), predicted that China will have a significant comeback in economic growth starting in the second quarter.

With a quiet schedule in the near future, AUD/USD traders should focus on the risk triggers, particularly the central bank speakers, for clear direction as the bears attempt to regain control.