As a result of a temporary drop to 0.6450 in Europe, the AUD/USD is currently under selling pressure. Bids have been placed on the Australian asset as the US dollar recovers from its poor performance before the release of US private sector labour market statistics. {chart} Investors are watching Wednesday at 12:15 p.m. for the release of August’s ADP employment data. Since Fed Chair Jerome Powell said at Jackson Hole that policy action would be data-dependent, the labour market data for August has taken on increased significance. Inflation based on the labour market has picked up speed. The Australian dollar declines ... (full story)