The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
AUD is All Excited about Job Data! Why?
What will happen?
Australia will release employment change and the unemployment rate on Thursday, at 02:30 MT time. The employment change shows the difference in the number of employed people during the previous month. The unemployment rate demonstrates the percentage of the total unemployed workforce looking for a job during the last month. Both indicators track situation in the Australian labour market.
Why is it important?
The Reserve Bank of Australia is currently monitoring the situation in the economy to make the next steps concerning monetary policy. For now, the regulator remains cautious as inflation is not moving within the 2-3% range. However, serious changes in the Australian labour market may push the RBA to consider tapering. Last time, the employment change rose by 64.8K (vs the forecast of 60K), and the unemployment rate fell to 4.2% (vs 4.5% expected).
As a result, the Australian dollar outperformed other currencies.
How to trade on the Australian Job Data?
Compare the actual figures with the forecasts in the economic calendar.
- If employment change is higher and the unemployment rate – lower than the forecast, the AUD will strengthen;
- In case of an alternative scenario, the AUD will weaken.
Instruments to trade: AUD/USD, AUD/JPY, AUD/NZD
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