Friday Trades: EUR/USD, USD/JPY, and Gold
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
AUD in focus of traders
The Australian unemployment rate will be released on August 13 at 4:30 MT time!
Instruments to trade: AUD/USD, AUD/NZD, AUD/CHF, EUR/AUD
Last time Australian unemployment rate jumped to the highest level since November 1998. Obviously, it was the devastating effect of the coronavirus pandemic: most companies were forced to shut down. As a result, many workers were fired. The total number even surpassed the all-time high of 992 300. Nevertheless, things are not so terrible as it may seem: employment rose by 210 800 in June, beating analysts’ estimates of a 112 000 increase. Now, Australia is suffering from the fresh coronavirus resurgence. New virus cases are inevitably rising in its state Victoria. Therefore, this time unemployment rate may surprise everyone.
- If the unemployment rate is better than the forecast, the AUD will rise.
- Otherwise, the AUD will fall.
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