The correction has started in the AUD/USD pair, but the chances are very good that active buyers may return.
On Thursday, the Australian Dollar is retreating a little bit against its American colleague. The current quote for the instrument is 0.7645. The April peak was 0.7715, the March one – 0.7722. At the moment, the instrument is exactly in the middle of the short-term trading range and stands a good chance to return to its highs if the market demand changes again.
Today’s statistics showed that the unemployment rate in Australia in March decreased up to 5.7% against the previous number of 5.8%. Forecasts were more pessimistic and predicted the increase up to 5.9%. Usually, such tendency in the unemployment rate is a good factor for the Australian Dollar, but right now the market pays very little attention to fundamental statistics.
The components of the report on employment say that the number of jobs in the Australian economy has risen by 26.1 thousand over the month against the expected number of 20 thousand. This is hardly a seasonally adjusted employment: the summer has just finished in the other hemisphere, after which job offer in the service sector always declines. In this case, the increase of the number of jobs tells us that the business wants to attract more labor force to full time occupation.
The next meeting of the RBA will take place on May 3rd
. Quite good statistics on the employment market will probably help to keep the interest rate unchanged. Even with all things considered, the RBA’s stance on the rate is very dynamic as it implies that the rate should be revised in advance in order to have an early edge and support the economy.
RoboForex Analytical Department
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