2018.08.1603:41:00UTC+00Australian Dollar Strengthens After Australia Jobless Rate Fall

The Australian dollar climbed against its major counterparts in the Asian session on Thursday, as a data showed that the nation's jobless rate unexpectedly fell in July.

Data from the Australian Bureau of Statistics showed that Australia's unemployment rate came in at a seasonally adjusted 5.3 percent in July.

That beat forecasts for 5.4 percent, which would have been unchanged from June.

The Australian economy shed 3,900 jobs last month - well shy of forecasts for the addition of 15,000 following the gain of 50,900 in the previous month.

Meanwhile, Asian stock markets were lower following the negative cues from Wall Street amid worries about Turkey's financial crisis and an economic showdown in China.

Investors focused on upcoming talks between the US and China, after Beijing said it will travel to the U.S. in late August for trade talks.

The aussie climbed to a 2-day high of 0.9547 against the loonie, from a low of 0.9490 hit at 9:30 pm ET. The aussie is likely to challenge resistance around the 0.97 level.

The aussie advanced to a 2-day high of 0.7279 against the greenback, following a decline to 0.7215 at 9:30 pm ET. The next likely resistance for the aussie is seen around the 0.74 level.

The aussie appreciated to a 3-day high of 1.5641 against the euro and held steady therafter. This may be compared to a 2-day low of 1.5721 seen early in the session. On the upside, 1.55 is possibly seen as the next resistance level for the aussie.

The aussie strengthened to a 2-day high of 80.70 against the yen, after having fallen to 79.84 at 9:30 pm ET. If the aussie rises further, 82.00 is likely seen as its next resistance level.

The aussie hit a 2-day high of 1.1048 against the kiwi, reversing from a session's low of 1.0992 hit at 9:30 pm ET. The aussie is poised to find resistance around the 1.12 level.

Looking ahead, U.K. retail sales for July and Eurozone trade data for June are due in the European session.

In the New York session, Canada manufacturing sales for June, U.S. housing starts and building permits for July and weekly jobless claims for the week ended August 11 are scheduled for release.