The Australian Dollar (AUD) halts its two days of losses against the US Dollar (USD) on Thursday. The AUD remains stronger after the release of domestic mixed employment data. The seasonally adjusted Employment Change increased by 35,600, bringing the total number of employed people to 14,535,500 in November. This exceeded the previous reading of 12,100 and the expected figure of 25,000. Meanwhile, the Unemployment Rate fell to 3.9%, the lowest since March, lower than market estimates of 4.2%.
The AUD/USD pair faced challenges due to the broadly stronger US dollar (USD) following the release of the US inflation report on Wednesday. US Consumer Price Index (CPI) rose to 2.7% year-over-year in November from 2.6% in October. The headline CPI reported a 0.3% reading MoM, in line with the market consensus. Meanwhile, the core CPI, excluding volatile food and energy prices, climbed 3.3% YoY, while the core CPI increased 0.3% MoM in November, as expected.
However, the latest US inflation report does not seem enough to keep the Federal Reserve (Fed) from cutting rates at its December meeting next week. Traders are now pricing in nearly a 99% chance of Fed rate reductions by 25 basis points on December 18, according to the CME FedWatch Tool.
AUD/USD trades near 0.6410 on Thursday. The technical analysis of a daily chart indicates a strengthening bearish bias as the pair is confined within a descending channel pattern. Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 level, indicating sustained negative momentum.
On the downside, the yearly low of 0.6348, last seen on August 5, served as immediate support in the previous session. However, a break below this level could strengthen the bearish bias and push the AUD/USD pair toward the descending channel’s lower boundary around the 0.6200 level.
The AUD/USD pair faces an initial barrier around the nine-day Exponential Moving Average (EMA) at 0.6422, followed by the descending channel’s upper boundary at 0.6440 level. A decisive breakout above this channel could pave the way for a potential rally toward the seven-week high of 0.6687.
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the US Dollar.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | -0.12% | -0.16% | -0.36% | -0.11% | -0.54% | -0.28% | -0.11% | |
EUR | 0.12% | -0.04% | -0.24% | 0.01% | -0.42% | -0.15% | 0.00% | |
GBP | 0.16% | 0.04% | -0.17% | 0.06% | -0.38% | -0.10% | 0.05% | |
JPY | 0.36% | 0.24% | 0.17% | 0.25% | -0.19% | 0.05% | 0.24% | |
CAD | 0.11% | -0.01% | -0.06% | -0.25% | -0.43% | -0.16% | -0.01% | |
AUD | 0.54% | 0.42% | 0.38% | 0.19% | 0.43% | 0.28% | 0.42% | |
NZD | 0.28% | 0.15% | 0.10% | -0.05% | 0.16% | -0.28% | 0.16% | |
CHF | 0.11% | -0.00% | -0.05% | -0.24% | 0.00% | -0.42% | -0.16% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. The statistic is adjusted to remove the influence of seasonal trends. Generally speaking, a rise in Employment Change has positive implications for consumer spending, stimulates economic growth, and is bullish for the Australian Dollar (AUD). A low reading, on the other hand, is seen as bearish.
Read more.Last release: Thu Dec 12, 2024 00:30
Frequency: Monthly
Actual: 35.6K
Consensus: 25K
Previous: 15.9K
Source: Australian Bureau of Statistics
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