Australian Employment Preview: Hopeful figures to lift the aussie toward the 0.70 threshold
|Australia will release May employment data this Thursday at 01:30 GMT and the country is expected to have lost 125K job positions. Now trading around 0.6800, AUD/USD could hit the psychological 0.70 level on an upbeat reading while if figures disappoint the aussie may slide toward 0.677, FXStreet’s Chief Analyst Valeria Bednarik briefs.
Key quotes
“Australia is expected to have lost 125K job positions, an ‘improvement’ from the previous -594.3K. The unemployment rate is foreseen ticking higher to 7% from 6.2% in April, while the participation rate is foreseen at 63.7%.”
“Upbeat numbers will likely boost the aussie towards the critical 0.7000 threshold, although gains beyond this last may be short-lived.”
“A slump on a disappointing outcome could see the AUD/USD pair falling towards 0.6830 first, and to the 0.6770 price zone later, where bulls are expected to take their chances. A bearish extension below this last will be possible if dismal numbers couple with risk-aversion.”
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