Trade Desk Thoughts - Australia Unemployment Rate

Australia Unemployment Rate Actual 4.2%, Expected 4.4%, Previous 4.3%

Release Explanation: 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.

Trade Desk Thoughts: The unemployment rate decreased 0.2 percent to 4.1 percent. The rate of male unemployment fell by 0.1 percent to 3.8 percent while female unemployment rate fell by 0.3 percent to 4.4 percent.

Forex Technical Reaction: The Australian dollar has been trading in a narrow 35 pip range since the start of the day. After these releases, price shot up to just below the neutral LFB pivot point at .8011

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