Australian labour report leaves AUD sidelined, so far
|The Australian jobs report has been released yet has done little to move the needle on AUD/USD.
Australian Employment report
- April Employment +4.0k s/adj (Reuters poll: +30.0k).
- April Unemployment Rate +3.9 pct, s/adj (Reuters poll: +3.9, prior 4%).
- April Full Time employment +92.4k s/adj.
- April Participation Rate +66.3 pct, s/adj (Reuters poll: +66.4 pct).
The data comes on the heels of the wage inflation numbers that were bullish for AUD, but today's labour market report is mixed. Nevertheless, the tick down in the Unemployment number is encouraging.
AUD/USD update
AUD/USD Price Analysis: Bears take charge, carving out the path to a new daily low
The price is trapped between support and resistance on the four-hour chart with a bearish tendency on the longer-term time frames:
The price could be on the verge of a break to the downside in a strong US dollar environment.
About the Aussie Employment report
The Australian Bureau of Statistics (ABS) publishes an overview of trends in the Australian labour market, with the unemployment rate a closely watched indicator. It is released about 15 days after the month's end and throws light on the overall economic conditions, as it is highly correlated to consumer spending and inflation. Despite the lagging nature of the indicator, it affects the Reserve Bank of Australia’s (RBA) interest rate decisions, in turn, moving the Australian dollar. The upbeat figure tends to be AUD positive.
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