The Australian unemployment rate will be released on August 13 at 4:30 MT time!
Will the labor market support the AUD?
Australian jobs data will be announced on Thursday at 04:30 MT time.
Instruments to trade: AUD/USD, EUR/AUD, AUD/JPY, AUD/CHF
Last week, the Reserve Bank of Australia left its interest rate at 0.25% saying that no increase will take place until the progress is made towards full employment. Hence, the coming jobs data will largely contribute to financial policy. In February, jobless rate was in line with expectations at 5.1%. That, however, came after a staggering 5.3% in January, which was not among the observers’ forecasts. Therefore, an expectation for the March figure should be more conservative. Not only because of a relative unpredictability of the jobs data but because March is the first and the toughest month to reflect the true extent of the coronavirus hit.
- If the jobs data is better than forecast, it will support the AUD.
- Otherwise, the AUD will fall.
Follow the report on August 14 at 15:30 MT time!
The market sentiment switched to risk-on. The US dollar is dipping down, while riskier assets are rising, especially the Australian dollar after the positive employment data. All eyes on US unemployment claims.
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