What’s New with Australian Unemployment Rate?
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
Australian Cash Rate Hot News
What will happen?
The Reserve Bank of Australia will make the cash rate statement on May 3, at 07:30 MT. It’s usually published every first Tuesday of the month. The cash rate is charged on overnight loans between financial intermediaries. Its amount is determined based on the interaction of demand and supply of overnight funds. This release is crucial for AUD.
Possible AUD moves
Australian CPI rose at the fastest annual pace in two decades last quarter. As gasoline, housing, and food prices rose, interest rates may rise from their earlier record lows. The Reserve Bank of Australia no longer needs to keep interest rates at an extremely low 0.1% and may raise them soon, rather in May than in June. Besides, the RBoA hasn’t changed the interest rate since November 2020.
Inflationary pressures have intensified and expanded, and the 0.1% cash rate target is no longer appropriate. Analysts now expect the RBA to rise 15 basis points. Markets have also quickly narrowed the chances of a rise to 0.25%. Although, many are still in favor of a June hike, given that such a sudden move may spark political unrest so close to the May 21 parliament election.
The last release had a positive impact on the currency. The AUDUSD pair rocketed 1150 points that day. The rate result was the same as expected, 0.10%.
How to trade on Australian Cash Rate release?
The greater “Actual" vs. “Forecast" is, the better it is for the currency.
- If the result is greater than expected, AUD will rise.
- Otherwise, it will fall.
- Don’t underestimate the rate statement because it may give some insights.
Check the Economic Calendar.
Instruments to trade: AUDUSD, AUDCHF, AUDNZD, AUDJPY
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