- Aussie Dollar enjoyed a decent ride against the US Dollar during the past few hours.
- The main reason was the solid employment report released in Australia.
- Australian Unemployment Rate release by the Australian Bureau of Statistics registered a decline from the last rate of 6.2% to 5.9%.
- Australian Consumer Inflation Expectation released by the Melbourne Institute came in at 3.5% for November 2015.
The AUDUSD rocketed higher after the employment report was published. The AUDUSD pair moved above the 0.7100 resistance area and traded as high as 0.7150. No doubt, there is a nice momentum in the favor of the bulls at the moment, and as a result buying dips remain a nice deal in the short term.
On the downside, the 200 hourly simple moving average is seen as a major support and a possible BUY AREA.
Australian Employment Data
Today, the Australian Employment report was released by the Australian Bureau of Statistics. The Employment Change what is a measure of the change in the number of employed people posted an increase of 58,600 to 11,838,200, which was a lot more than the market expectation of 15.0K in October 2015.
The Unemployment in Australian decreased to 764,900, and the rate dropped from 6.2% to 5.9%. The report stated that “Employment increased 58,600 to 11,838,200. Full-time employment increased 40,000 to 8,171,600 and part-time employment increased 18,600 to 3,666,600”. In short, there was an improvement in the labor market.
There was a minor gain noted in the participation rate (i.e. the percentage of the total number of people of labor-force age) from 64.9% to 65%. Lastly, the monthly hours worked in all jobs increased 19.1 million hours (1.2%) to 1,660.4 million hours as per the report.