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AUD Awaits Australian Job Data
What will happen?
Australia will release employment change and an unemployment rate on Thursday, October 14, at 03:30 MT (GMT+3). The employment change shows the change in the number of employed people during the previous month, while the unemployment rate measures the total workforce that is unemployed.
Why is it important?
These indicators are significant as they provide the most relevant information about the Australian labor market. In addition to the direct impact (more jobs are good/fewer jobs are bad), the Reserve Bank of Australia bases its policy decisions on the jobs data. The encouraging data may force the RBA to tighten the policy earlier than initially thought, which would push the AUD up.
Last time, the data was mixed. The employment change was down by 146.3K (vs. the forecast of -78.5K), and the unemployment rate was 4.5%, beating expectations of 5.0%. AUD/JPY jumped briefly but then dropped dramatically.
How to trade on Australian labor data?
Traders usually compare the actual job numbers with the market forecast, which appears a few days before the report in the economic calendar.
- If the Australian labor data is better than the forecasts, the AUD will surge.
- Otherwise – drop.
Instruments to trade: AUD/USD, AUD/JPY, AUD/NZD
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