The Australian dollar gained some support from economic data released today showing a better than forecast jobs added in July in Australia.
The Aussie dollar recovered against the US dollar to record its highest level at 0.6790, while traded at 0.6777, as of 08:54 GMT, after recording the highest level at 0.6790.
In July, the Australian economy was able to create 41.1 thousand new jobs, exceeding expectations of 14.2 thousand jobs, while the previous reading was revised to show the 2.3 thousand jobs after a positive reading of 0.5 thousand jobs.
Despite the rise in employment in Australia last month, it was not enough to push unemployment rates down from their current frustrating levels to keep fears in the markets amid the current uncertainty in the global economy.
It is worth mentioning that despite the significant increase in the number of new jobs during the month of July, unemployment rates remained at 5.2 percent, unchanged from expectations and the previous reading.
Top analysts in Australia have pointed out that the trade war between the United States and China have raised fears of a global recession, as companies face the risk of falling demand and thus fail to create new jobs.
RBA Vice President Guy Debelle said that the trade war is a major risk for the Australian economy, although it has not had a negative impact on the Australian economy so far.
Companies are waiting for the worst and are not waiting for increased
investment opportunities, according to Debelle.