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The AUD Awaits Australian Job Data
What will happen?
Australia will release employment change and an unemployment rate on July 15, at 04:30 MT time. These indicators are very important because they provide the freshest update of the situation in the Australian labor market. The employment change represents the change in the number of employed people during the previous month, and the unemployment rate measures the percentage of the total workforce that is unemployed. Last time, the indicators came out higher than the forecasts. The employment change was up by 115.2K (vs. the forecast of 30.5K), and the unemployment rate dropped to 5.1%, below the expectations of 5.5%.
How to trade on the Australian Job Data?
Follow the economic calendar and compare the actual figures with the consensus given.
- If the employment change is higher and the unemployment rate – lower than the forecasts, the AUD will rise;
- If the situation is different, the AUD will fall.
Instruments to trade: AUD/USD, AUD/JPY, AUD/NZD
Today traders await the European Central Bank to make a policy statement at 14:45 MT (GMT+3).
Australian monthly retail sales will be announced at 04:30 MT time (GMT+3) on Wednesday, July 21. T
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.