Australian employment data for June disappointed, with the unemployment rate unexpectedly rising to 4.3% - the highest since the end of 2021. This gave the market a reason to more actively lay on the rate cut by the Reserve Bank of Australia in August: the probability of such a step increased from 76% to 85%. Against the backdrop of the report, the Australian dollar fell by 0.7%, reaching a three-week low, and the yields on three-year government bonds fell by 10 bps to 3.39%. A weakening labor market may force the regulator to rethink the priority between fighting inflation and supporting employment. If AUD/USD declines, the 0.6350-0.6400 area could act as support.