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Australia goes back to work – AUD/USD leaps

Australia reported a gain of no less than 58.6K jobs in October,  around 4 times the 14.8K expected. In addition, last month’s  drop was squeezed from -5.1K to -0.8K. The unemployment rate fell from 6.2% to 5.9%, also better than predicted.

AUD/USD certainly had reasons to be cheerful, slamming through the battle line of 0.7065 and easily above 0.7110 to peak at 0.7154.

40K full time and 18.6K part time jobs were gained. This is good composition. The  participation rate advanced from 64.9% to 65%. Some analysts blame changes in methodology for  this number, the equivalent of an NFP worth around 800K in the US.

However, the RBA will certainly not rush to cut interest rates, even if the data is exaggerated.

While some analysts find the numbers hard to believe, the Australian dollar certainly likes it. The next level on the upside is the round number of 0.72,. which provided support  back in October.  It is followed by 0.7280.  0.7110 turns into support, followed by 0.7065.

More:  AUD: Maxed Out? – Credit Agricole

AUDUSD November 12 2015 higher on Aussie jobs

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.