AUD/USD: Australia’s unemployment rate unexpectedly advanced in December


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD traded flat against the USD and closed at 0.7958.

LME Copper prices rose 0.3% or $24.0/MT to $7047.0/MT. Aluminium prices rose 0.7% or $15.0/MT to $2187.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7956, with the AUD trading slightly lower against the USD from yesterday’s close.

Overnight data indicated that Australia’s seasonally adjusted unemployment rate surprisingly rose to 5.5% in December, while market participants had envisaged the unemployment rate to remain steady at 5.4%. On the contrary, the number of people employed in Australia rose more-than-expected by 34.7K in December, following a revised increase of 63.6K in the previous month.

Meanwhile, the nation’s consumer inflation expectations remained unchanged at 3.7% in January.

The pair is expected to find support at 0.7924, and a fall through could take it to the next support level of 0.7891. The pair is expected to find its first resistance at 0.8006, and a rise through could take it to the next resistance level of 0.8055.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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