HomeContributorsFundamental AnalysisAustralian Jobs Growth Surged, Unemployment Rate Unchanged In November

Australian Jobs Growth Surged, Unemployment Rate Unchanged In November

For the 24 hours to 23:00 GMT, the AUD rose 1.01% against the USD and closed at 0.7632.

LME Copper prices rose 1.1% or $71.0/MT to $6685.0/MT. Aluminium prices declined 0.4% or $7.0/MT to $1997.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7668, with the AUD trading 0.47% higher against the USD from yesterday’s close, after Australia’s seasonally adjusted unemployment rate remained steady at a five-year low of 5.4% in November, meeting market expectations.

Moreover, the number of people employed in Australia jumped more-than-anticipated by 61.6K in November, rising by the most in more than two years. Markets had envisaged for an increase of 19.0K, following a revised gain of 7.8K in the prior month. Meanwhile, the nation’s consumer inflation expectations remained steady at 3.7% in December.

Elsewhere in China, Australia’s largest trading partner, retail sales grew 10.2% YoY in November, falling short of market expectations for a gain of 10.3%. In the previous month, the nation’s retail sales had risen 10.0%. Moreover, the nation’s industrial production climbed 6.1% on an annual basis in November, at par with market expectations and after recording an increase of 6.2% in the prior month.

The pair is expected to find support at 0.7590, and a fall through could take it to the next support level of 0.7511. The pair is expected to find its first resistance at 0.7711, and a rise through could take it to the next resistance level of 0.7753.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

Featured Analysis

Learn Forex Trading