The AUD/USD pair is trading significantly upwards for the second consecutive day and is ready to update last July’s maximum.
The Australian Dollar is growing too fast, thus attracting attention from the local politicians and outside investors. Without doubt, there are reasons for optimism in the Australian economy, but the fact that the local currency is getting more expensive too fast can eliminate this positive. The current quote for the AUD/USD pair is 0.7640; the daily growth is 1%.
Morning statistics showed that the unemployment rate in Australia in February decreased up to 5.8% against 6% earlier. This data was a welcome surprise, because no changes in comparison with January’s numbers were expected. It’s interesting that on the employment market the was increase in favor of full time workplaces.
More stable reports of employment market means that the Reserve Bank of Australia may not have to decrease the interest rate again in the nearest future. The RBA is keeping a close eye of the employment market state in the country as the reports about it are one of the most important factors in defining trends of the regulator’s monetary policy.
All is fine and dandy, but too strong growth of the Australian Dollar is not very “pleasant” for the economy itself and exporting companies. These fluctuations of Aussie may well be helpful for the increase of the number of verbal interventions on the different levels of monetary authorities.
RoboForex Analytical Department
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