Australian employment data was mixed: the number of jobs dropped by 8.8K, significantly worse than a gain of around 5K jobs that was predicted. However, the unemployment rate surprised by dropping from 5.2% to 5.1%, beating expectations of a rise to 5.3%. On this background, AUD/USD staged a recovery, rising above 1.02 and returning to trade above downtrend support that was broken earlier. The jump can be clearly seen: AUD USD Jumps – Click image to enlarge One of the reasons for the drop in the unemployment rate was a slide in the level of participation in the workforce, from 65.2% to 65%, This level was last seen at the beginning of 2007. Without the drop in the participation rate, the unemployment rate would have been 5.4%. However, the divide between part time and full time job changes is somewhat encouraging: 9300 part time jobs were lost, so there actually was a minor gain of around 500 jobs to counter the drop in part time jobs. AUD/USD was trading as low as 1.0164 following the GDP data yesterday. The publication of the employment data gave the pair reasons to rise and it is now at 1.0229. Note the recapture of the downtrend line. All in all, the Australian economy is still OK, but the future seems worrying as the mining sector is weakening after a long and very successful era. Other parts of the economy weren’t as strong as mining. For more on the Aussie, see the AUDUSD prediction. 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next ICM Capital UK Will Take Part in Arab FX Championship Yohay Elam 10 years Australian employment data was mixed: the number of jobs dropped by 8.8K, significantly worse than a gain of around 5K jobs that was predicted. However, the unemployment rate surprised by dropping from 5.2% to 5.1%, beating expectations of a rise to 5.3%. On this background, AUD/USD staged a recovery, rising above 1.02 and returning to trade above downtrend support that was broken earlier. The jump can be clearly seen: [caption id="attachment_37698" align="alignnone" width="610"] AUD USD Jumps - Click image to enlarge[/caption] One of the reasons for the drop in the unemployment rate was a slide in the level of participation… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.