Breaking: Australia Employment Report: Upbeat details for December recall AUD/USD buyers

FXStreet Team FXStreet

Australian Bureau of Statistics (ABS) released the latest employment figures for December month as follows:

Employment Change 64.8K (Reuters poll: 30.0K), prior 366.1K.
Unemployment rate +4.2 pct, s/adj (Reuters poll: +4.5%), prior +4.6%.
Full Time Employment 41.5K versus +128.3k prior.
Participation Rate matched +66.1 pct s/adj prior figures (Reuters poll: +66.2 pct).

Following the data, AUD/USD refreshes intraday top to 0.7230 while breaking the immediate resistance line on the 15-minute chart.

AUD/USD: 15-minute chart

AUD/USD: Daily chart

On the daily basis, the quote extends bounce off the seven-week-old support line, suggesting further advances towards the 100-SMA level of 0.7280. However, any further upside will be challenged by the monthly peak of 0.7315.

Alternatively, pullback moves remain elusive beyond the stated support line of 0.7177. Adding to the downside filter is the monthly ascending trend line, near 0.7155.

Key notes

AUD/USD retreats towards 0.7200 ahead of Aussie employment, PBOC

AUD/USD rises towards 0.7250 on strong Australia jobs report but yields test bulls

About the Employment Change

The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).

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 indicate a lack of expansion within the Australian labour market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).

Author

FXStreet Team

FXStreet

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.