EUR/AUD consolidates near 1.6300 despite soft Aussie Employment data

EUR/AUD trades sideways around 1.6300 even though the Australian job demand remained slower-than-forecast in October.

RBA Bullock supports maintaining a restrictive stance until inflation gets under control.

Trump’s policies are expected to keep the Eurozone economy on the backfoot for a longer term.

The EUR/AUD pair trades in a tight range near the key resistance of 1.6300 in Thursday’s North American session. The cross struggles for the direction even though the Australian Employment data for October came in weaker than expected.

The Australian labor market data showed that the economy added 15.9K new workers, lower than estimates of 25K and from 61.3K in September. The Unemployment Rate came in at 4.1%, in line with expectations and the prior release.

The impact of the weak employment data is expected to nominal on market speculation for the Reserve Bank of Australia's (RBA) interest rate outlook as the bank is more focused on taming price pressures with confidence that the job market remains steady. Also, RBA Governor Michelle Bullock said on Wednesday that interest rates are needed to remain at their current levels until price pressures get under control.