Breaking: Aussie employment data misses the mark and is weighing on AUD/USD
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Australia has released the employment report for August where markets were looking for a 35k change as the headline and a 3.4% Unemployment Rate.
It arrived as follows:
Australia Aug employment +33.5k s/adj (Reuters poll: +35.0k).
Australia Aug unemployment rate +3.5 pct, s/adj (Reuters poll: +3.4).
Australia Aug full-time employment +58.8k s/adj.
Australia Aug participation rate +66.6 pct, s/adj (Reuters poll: +66.6 pct).
AUD has dipped around 17 pips to 0.6740 but has almost recovered the drop back to 0.6752.
On the 5-minute chart, the price has run into the key structure of the sideways channel and accumulation of the US dollar's rally. If the price breaks this structure, 0.6740, considering the move below the trendline support, the prospects will be for a move towards a test of 0.67 the figure again.
About the Unemployment Rate
The Unemployment Rate released by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labour force. If the rate hikes, it indicates a lack of expansion within the Australian labour market. As a result, a rise leads to a weakening of the Australian economy. A decrease in the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).
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