Forex Trading News: Australian job data bruised the AUD

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Earlier today the Australian Bureau of Statistics released labor market data showing a sharp decline on the Employment Change data. Indicatively the Employment Change was forecasted at 25K new jobs, the reading came out at the depressing level of 7.8K, on April the reading was at -29.4K. However the data revealed signs of light improvement in the domestic labor pool, though the expectations in the rich commodity country are much higher. The Unemployment Rate remained steady at 4.9% aligned with the forecasted and the previous rate. Upon the announcement of the news the Aussie plummeted to a low of 1.05623 within a couple of hours losing some 99 pips. The downfall of the Australian Dollar can also be blamed to the Reserve Bank of Australia which kept the interest rates unchanged yesterday and the Bank’s delegates informed the public that there is no intention to raise the rates soon. The last few days a sense of uncertainty and excess sensitivity has enslaved the AU Dollar, and it is more easily subjected to high turbulence mainly due to the aforementioned sensitivity. The AUDUSD pair has slipped below the 1.0580, which is concerned as a good support level, but there is enough support at 1.0560 levels. Currently the pair is trading at 1.0581