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Forex News: Aussie Unemployment Rate Improves to 5.2 Percent, AUDUSD Bought

Forex News: Aussie Unemployment Rate Improves to 5.2 Percent, AUDUSD Bought

Gary Kerdus,

THE TAKEAWAY: Australian economy gained 13,900 new workers > Improved employment figures beat expectations > AUD/USD traded higher

The Aussie Dollar traded higher as the unemployment rate in Australia beat expectations edging slightly lower to 5.2 percent in November and added 13,900 new workers to the labor force. Interestingly, the economy shed 4,200 full-time staffers while it seems the gains in November were the result of adding 18,100 new part-time staffers. The participation rate remained unchanged at 65.1 percent.

Forex traders likely bid up the Aussie as market participants expected the employment figures to print slightly worse, pricing in an expected unemployment rate to rise to 5.5 percent and the overall economy to add no jobs, which may have taken FX traders by surprise.

The AUD/USD pair appears to be positioned just below a potential major level of resistance on a weekly chart which may prompt Forex traders to become cautious when deciding to take on additional carry positions.

AUD/USD, 1 Minute Chart

Forex_News_Aussie_Unemployment_Rate_Improves_to_5.2_Percent_AUDUSD_Bought_body_Picture_1.png, Forex News: Aussie Unemployment Rate Improves to 5.2 Percent, AUDUSD Bought

AUD/USD, Weekly Chart

Forex_News_Aussie_Unemployment_Rate_Improves_to_5.2_Percent_AUDUSD_Bought_body_Picture_4.png, Forex News: Aussie Unemployment Rate Improves to 5.2 Percent, AUDUSD Bought

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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