On Thursday afternoon, the AUD/USD pair is trading lower after the release of questionable data on the labour market. The Australian dollar acts increasingly stormy. Of course there are many reasons for this. But the flexibility of the currency is noteworthy: at every opportunity the Aussie is testing the minimums of the past few years.
This morning statistics were released according to which the unemployment rate in Australia in July rose by 0.3% to 6.3%. Forecasts assumed the mark of 6%. The fact that the share of the unemployed population grows in Australia, is negative in the assessment of the general economic situation in the country. Acceleration of the rate of unemployment indicates the presence of systemic risk. However, a discount for the season is yet to be made - in the other hemisphere, it is winter.
The components of the report show that the number of employed increased in the last month by 38.5 thousand. It is important that the preponderance of forces is on the side of the part time employment.
The Reserve Bank of Australia believes that the Australian dollar needs to be consistently lower, so that there will be a better chance to restart the economy. This theory is completely valid to current realities, and the Aussie is constantly under downward pressure.
RoboForex Analytical Department