Despite Australian employment figures increasing, the Pound Sterling Australian Dollar exchange rate was up by 0.3%, trading at 1.8263. Unemployment rose to 7.5% in July, after the increase in June. The rate was lower than expected but the latest figures show unemployment rates being at the highest point in 22 years. 

In June, 210,800 jobs were created, and the information published by the Australian Bureau of Statistics (ABS) conveyed another rise of 114,700 in employment. 

Australia’s economy has started to pick up, being one of the few countries with a low number of coronavirus cases. 

Ben Udy, analyst at Capital Economics explained, “The pick-up in employment in July is likely to be unwound in the coming months as the stricter lockdown in Victoria weighs on the labour market.”

Data showed that the UK has fallen into a recession, seeing two consecutive quarter with contracting GDP – with the latest noting a drop of more than 20%.

The UK countered the U.S. government’s wish to maintain 15% tariffs on Airbus and 25% on other European goods, stating that it wants the U.S. to drop tariffs. 

Britain’s Trade Secretary Liz Truss said, “These tariffs damage industry and livelihoods on both sides of the Atlantic and are in nobody’s interests. I am therefore stepping up talks with the U.S. to remove them as soon as possible.”