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AUD/USD leaps on great jobs report, two other factors

The Australian dollar was under pressure for long days and eventually slipped under the 0.75 level. But now, it certainly has reasons to rise.

Australia reported a gain of no less than 60.9K jobs in the month of March. The outcome handily beats 20K that was expected. 74.5K full-time jobs were gained while 13.5K were lost. So, also the details are favorable.

Australia’s unemployment rate remains at 5.9%, but the participation rate is up from 64.6% to 64.8%, so it’s good news all in all. Hours worked increased by 3.2 million.

The  employment report is undoubtedly positive and the only caveat is that this print could be a one-off. Labor reports can be volatile and undergo revisions, even if the  recent ones showed a changed in the single  thousands or in the teens. And, the numbers are seasonally adjusted.

Two other AUD/USD boosters

In addition to the good news from Australia, the nation’s biggest trading partner, China, reported its trade numbers.  Imports, many of them from Australia, are up 26.3% year over year, surpassing expectations for +15%. In addition, exports beat projections of 8% and are up 22.3%.

The third factor is related to the US dollar. President Donald Trump said that the greenback is too strong, while he refrained from labeling China as a currency manipulator. The President also said he favors low-interest rates. The US dollar suffered a Trump Tumble.

AUD/USD levels

Aussie/USD is trading at 0.7580 at the time of writing. Resistance awaits at 0.7610, which was the bottom of a higher range before the pair dropped. Support is at 0.7550.

More:  AUD/USD – Between housing risks, Chinese re-awakening and the Donald [Video]

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.