• AUD/USD surrenders some intraday gains as the US Dollar gains further.
• Surprisingly upbeat Australian labor market data would force the RBA to maintain a hawkish interest rate stance.
• The US Dollar extends gains on expectations of Donald Trump winning presidential elections.

The AUD/USD pair surrenders half of its intraday gains after rising to 0.6700, which were inspired by the upbeat Australian Employment data for September in Thursday’s European session.

The Aussie labor market data showed that the economy added fresh 64.1K jobs, which were unexpectedly higher as market participants projected lower payrolls at 25K than 42.6K in August. The Unemployment Rate grew steadily by 4.1%, while economists expected it to accelerate to 4.2%.

Upbeat Aussie Employment data is expected to restrict Reserve Bank of Australia (RBA) officials from hiking interest rates anytime this year.

Though the Australian Dollar (AUD) outperforms its major peers, the upside in the Aussie pair is expected to remain restricted as the US Dollar (USD) extends its upside on expectations that former US President Donald Trump will defeat Democratic Kamala Harris in presidential elections. Market experts expect higher tariffs on imports, loosening financial conditions and more tax cuts in Trump 2.O administration.