AUD/USD dips to a five-month low over weaker than expected employment figures, increasing the likelihood of RBA cutting interest rates. Investors have started pricing in a rate cut by the central bank in July, while the reigning trade war sentiments in the market too have contributed to weakening the Aussie.

The Australian unemployment rate touched 5.2%, the highest in eight months. Elections also loom in Australia, adding to the volatility and giving the Australian dollar a tough time. Economists expect the RBA to cut rates by 0.25% and bring down the interest rate to 1.25% latest by August.

At the time of writing, AUD/USD is trading at 0.692.