• AUD/USD trades on a weaker note near 0.6720 in Thursday’s early Asian session. 
• The weaker US Job Openings data suggested continued cooling in the US job market, undermining the USD. 
• Traders will monitor the RBA’s Bullock speech ahead of US ISM Services PMI on Thursday. 

The AUD/USD pair softens around 0.6720 during the early Asian session on Thursday. The pair trades in a volatile session amid Chinese economic concern and the weaker US Dollar (USD). Traders will take more cues from the Reserve Bank of Australia's (RBA) Michele Bullock's speech ahead of the US ISM Services PMI, which is due later on Thursday. 

The weaker-than-expected US JOLT Job Openings for July signaled further cooling in the US labor market, triggering the expectation of a potential 50 basis points (bps) rate cut by the US Federal Reserve (Fed) in September. This, in turn, might weigh on the USD against the Australian Dollar (AUD). Traders will keep an eye on the US August Nonfarm Payrolls (NFP) for August on Friday.  Goldman Sachs analysts noted, “A market correction may start to get traction if payrolls are weak on Friday.”

On the Aussie front, Australia’s Gross Domestic Product (GDP) growth grew by just 0.2% in the April-June period and 1% over the last year, the Australian Bureau of Statistics reported on Wednesday. The report indicated that the Australian economy registered its worst performance in more than 30 years, excluding the first year of the COVID-19 pandemic.