Australia Unemployment Rate

Actual 4.3%, Expected 4.3%, Previous 4.2%

Release Explanation: The unemployment rate for Australia remained steady with a reading of 4.3% in July.

Trade Desk Thoughts: This report measure the percent of unemployed persons in the labor force. The unemployment rate can be a leading indicator of the overall health of the labor market. Higher unemployment leads to less income for Australian workers who, in turn, may reduce consumption. As consumer spending contributes to a majority of Australia’s GDP, developments in the labor market directly affect prospects for Australian growth

Forex Technical Reaction: The aussie has weakened slightly after this news release. It was rejected at TheLFB neutral pivot point at .9118. The pair also found resistance at its 200 day SMA situated at .9200.

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