AUD/USD: Australia’s unemployment rate surprisingly jumps to 5.9% in February


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 1.89% against the USD and closed at 0.7701.

LME Copper prices rose 1.8% or $103.0/MT to $5850.0/MT. Aluminium prices rose 0.7% or $12.0/MT to $1863.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.768, with the AUD trading 0.27% lower against the USD from yesterday’s close, after the release of a downbeat Australian jobs report.

Early morning data indicated that Australia’s seasonally adjusted unemployment rate rose to 5.9% in February, hitting its highest level in thirteen months, as the total number of people with jobs fell by 6.4K last month, while the market forecasted a rise of 16.0K. The unemployment rate was expected to remain steady at 5.7%. Further, the nation’s consumer inflation expectations advanced 4.0% in March, compared to a gain of 4.1% in the prior month.

The pair is expected to find support at 0.7588, and a fall through could take it to the next support level of 0.7495. The pair is expected to find its first resistance at 0.7746, and a rise through could take it to the next resistance level of 0.7811.

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

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