HomeContributorsFundamental AnalysisAustralia's Unemployment Rate Ticked Lower In January

Australia’s Unemployment Rate Ticked Lower In January

For the 24 hours to 23:00 GMT, the AUD rose 0.48% against the USD and closed at 0.7919.

LME Copper prices rose 0.8% or $54.0/MT to $6962.0/MT. Aluminium prices rose 0.7% or $14.5/MT to $2138.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7936, with the AUD trading 0.21% higher against the USD from yesterday’s close, after Australia’s seasonally adjusted unemployment rate fell to 5.5% in January, at par with market expectations. Unemployment rate had registered a revised reading of 5.6% in the preceding month.

On the other hand, the nation’s consumer inflation expectations eased to 3.6% in February, compared to a reading of 3.7% in the prior month.

The pair is expected to find support at 0.7824, and a fall through could take it to the next support level of 0.7712. The pair is expected to find its first resistance at 0.7997, and a rise through could take it to the next resistance level of 0.8058.

Going ahead, traders would keep a close watch on a speech by the Reserve Bank of Australia’s (RBA) Governor, Philip Lowe, due overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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