The Australian Monetary Policy Meeting Minutes are announced on Tuesday at 04:30 MT time.
The AUD slumps on the negative jobs data by the RBA
Today, the Australian authorities announced the unemployment rate at 5.3% as expected by the analysts. It signals a 0.1% increase in the number of jobless people since the previous release, while the RBAs target was 4.5%. At the same time, employment fell by 19K. This again shows a worse scenario against the 15K growth forecast.In consequence, the AUD fell drastically against most of the currencies. On the H1 chart of AUDUSD, the price dropped by 43 pips from 0.6839 to 0.6796. Currently, the Australian dollar is in the correction. However, there is no certain indication so far that the trend is planning to revert to the bullish direction. The resistance level may be placed at 0.6839, while the bears may have 0.6796 to watch for. If it is broken, the price will likely go for the support level of 0.6776.
April seasonal patterns weren’t supposed to work, but somehow they did. Even a strong fundamental issue such as the global recession amid the coronavirus couldn’t overwhelm it. That’s why May seasonal patterns may work as well.
Australia will publish an update on employment figures on March 19, at 2:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.