Fecha Actual:September 26, 2023

Employment in Australia, projection on AUDUSD

This Wednesday the Australian Bureau of Statistics, as every month, will release the data from the previous month, on the variations of the employed population in the country and the total workforce that is currently unemployed.

The previous index of unemployment showed that in the month of January, the rate fell to 6.4% and the variation in the number of people employed increased to 12,939,900, below the expected forecasts. In other words, in the month of January, there was a variation in employment with results below the previous trends, falling to 29,100, compared to the 30,200 expected.

For the data of the month of February, the forecasts in the change of employment are located in an ascent to 30,500. While the unemployment rate is expected to decrease by 6.3%, slightly below the previous figure.

Since October, Australia has recorded a gradual drop in the unemployment rate from 7% that month.

The Governor of the Reserve Bank of Australia (RBA), Christopher Kent, spoke in the last hours about the monetary policy they carry out. It will remain flexible, since at the moment a restrictive policy would not follow the objectives of the RBA. In other words, the objective of stable and sustained inflation around 2% and 3% and one of full employment, could not be achieved in the short term if this flexible policy is not maintained.

The fall in the unemployment rate and the correlative positive variation in the Australian employment level will be positive for the AUDUSD. On the contrary, negative records to those projected can generate volatility in the currency. However, the comments of the Fed after the announcement on the interest rate, will also provoke volatility in the market.

Projected prices:

The AUDUSD is at 0.7730 per dollar and remains in the sell zone. Attention to job advertisements.

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