Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.
Will the job data make the AUD fly?
The Australian employment change and the unemployment rate will be released on November 19, at 02:30 MT time.
Instruments to trade: AUD/USD, AUD/JPY, AUD/NZD
It’s not a secret that employment represents an important part of a country's economy. Given current unstable market conditions and lockdowns across the globe, traders pay particular attention to the employment change and the unemployment rate. Last time, September's job data for Australia was cautiously optimistic. While the employment fell by a smaller-than-expected number of people in September (-29.5K vs. -38K expected), the unemployment change reached 6.9% (vs. 7% expected). Despite that, the country is still far from a complete recovery, according to the RBA members. That is why the AUD was not impressed by the release. Will the situation change this time?
- If the job data is better than the forecasts, the AUD will go up;
- If the job data is worse than the forecasts, the AUD will drop.
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