AUDUSD Has Australian Employment Numbers Ahead

AUDUSD was higher despite a drop in inflation and now awaits employment figures.

AUDUSD – Daily Chart

AUDUSD – Daily Chart 

AUDUSD is now between technical levels after a slump through support at 0.6452. The following support level is at 0.6347. 

The market expects another weak employment report from the Aussie economy, with a prediction of 7.2k jobs added, compared to the 116.5k added last month. The unemployment rate is also expected to rise from 3.7% to 3.9%. 

The jobs data will be released at 09:30 a.m. HKT on Thursday, the last high-level data for the pair this week. 

Australia had some good news this week. According to the IMF, its overall budget balance is the second strongest among G20 nations, behind only Canada. The group’s biannual update, released on Wednesday, found Australia’s overall budget balance came in at -0.9% of gross domestic product in 2023, with only Canada’s -0.6% faring better. 

Australia has seen a substantial rise after being equal to 14th in 2021 and seventh in 2022, when it was worse than countries such as Korea, Russia, and Saudi Arabia. Since they took office, the country’s treasurer, Jim Chalmers, and the finance minister, Katy Gallagher, hailed a “remarkable achievement” in Australia’s budget management. 

“Our responsible management is ensuring that fiscal policy is taking the pressure off inflation when it is at its highest,” they said.

“The Albanese government delivered Australia’s first surplus in 15 years in 2022-23, achieving a $100bn turnaround in the forecast inherited from the former government. A second surplus in next month’s budget remains within reach.” 

After the recent hawkish Fed comments, the Aussie dollar has slumped against the greenback. However, the country is showing some stability in its finances, which should eventually lead to a bottom-up in the pair. 

The weaker Chinese economy still poses headwinds for the economy and jobs market. “Slowing growth and financial turbulence in China could weigh on global growth and trade, posing fiscal challenges for countries with strong trade and investment linkages,” the IMF said. 

Fed Chair Jerome Powell continued the hawkish tone this week, saying the central bank will continue its high-interest rate environment for as long as inflation persists. A recent surge in oil prices will not help inflationary levels in the Western nations.

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