The Australian Dollar rose on statistics. Overview for 17.10.2019

17.10.2019

AUDUSD is trading upwards thanks to strong numbers on the Australian labor market. 

The Australian Dollar is growing pretty well against the USD on Thursday. The current quote for the instrument is 0.6775. 

According to the statistics published today, the Unemployment Rate went from 5.3% in August to 5.2% in September, although it wasn’t expected to change. The Employment Change was 14.7K in September and the previous reading was revised from 34.7K to 37.9K. 

This is good news that supported the Aussie. The situation on the Australian labor market didn’t worry investors before, but one more signal that the sector is okay is surely positive. 

However, investors barely noticed another report, the NAB Quarterly Business Confidence, which was -2 points in the third quarter after being 5 points the quarter before. Moreover, the second quarter reading was revised downwards, which is also not good. The indicator being below 0 shows the deterioration of market conditions. There is a direct correlation here between Australia’s domestic economy and its foreign contacts, China first of all, whose economy is slowing down.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.