Australian employment data is due out on 13 August at 01:30 GMT. The country is expected to have recovered just 40K job positions in July. Disappointing figures are mostly priced in, therefore, the aussie could rise on an upbeat reading, FXStreet’s Chief Analyst Valeria Bednarik reports.
Key quotes
“Australia is anticipated to have recovered just 40K job positions in July, way below the 210.8K added in June. The unemployment rate is expected to have ticked higher to 7.8% from 7.4% in the previous month, while the participation rate is seen rising from 64% to 64.4%.”
“An upbeat reading could boost AUD/USD momentum, moreover considering the market is waiting for a poor outcome. Should the dollar head into the release with a strong note and Australian figures result worse than anticipated, then chances are of a steeper decline. The level to watch to the downside is 0.7070, as a break below it would signal a bearish continuation. To the upside, the level to surpass is 0.7200.”
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