The Australian economy is looking good – the jobs report was far better than expected, sending the Aussie higher, above resistance. Update for this strong currency.
Australian employment change rose by 54,600, much higher than 21,3000 that was initially expected. Also last month’s number was revised to a better figure – 36,900 instead of 29,700 jobs gained.
Such a big surprise, 2.5 better than predicted, sent the Aussie from around 0.98 to 0.9880, across the 0.9850 line. The next line of resistance is at 0.9915, followed by parity. Below, 0.9725 provides support, followed by 0.9660.
For more technical levels and analysis, see the AUD/USD foreacst.
The unemployment rate dropped from last month’s 5.4% high back down to 5.2%, exactly as expected. The Australian job market showed great strength, once again.
The Chinese trade balance figure, that was planned for now, was delayed to Friday. Chinese inflation figures will be released on Saturday. There are still rumors of a Chinese rate hike, but Australia will receive such possible news when the Aussie is already stronger, enjoying good numbers.
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