May month employment statistics from the Australian Bureau of Statistics, up for publishing at 01:30 GMT on Thursday, will be the immediate catalyst for the AUD/USD pair traders.

Market consensus suggests that the headline Unemployment Rate may remain unchanged at 3.7% on a seasonally adjusted whereas the Employment Change could rise by 15.0K versus the previous contraction of 4.3K. Further, the Participation Rate is expected to remain unchanged at 66.7% during the stated month.

Considering the Reserve Bank of Australia’s (RBA) hawkish surprise and the recently mixed Australia Wage Price Index data, today’s Aussie inflation expectations and employment numbers appear more important for the AUD/USD pair.

Ahead of the event, FXStreet’s Matias Salord mentioned,

Solid employment figures could boost the Aussie, suggesting that the labor market remains tight, easing concerns about the economic outlook. On the contrary, a report showing a large contraction in employment could provide further arguments for analysts warning about a potential recession in Australia, while putting pressure on the RBA to limit its tightening. However, inflation data will have the final say regarding the central bank's policies for the moment. This implies that the impact of a positive or negative jobs report (particularly if it comes out close to expectations) could be limited