AUD/USD Points Higher Despite Mixed Employment Data
The employment data for September in Australia was mixed, as the country tries to put the coronavirus pandemic behind it. Despite the fact that unemployment rose to 4.6 percent, it was still lower than the predicted estimate of 4.8 percent. The country’s workforce shrank by 138,000 people, somewhat more than the consensus projection of -110,000. In September, the workforce participation rate also fell by 0.7 percent. The mixed result reflects the country’s uneven recovery, with each jurisdiction implementing its own restrictions and boasting differing immunization rates.
While the number of Covid cases continues to rise, Australia looks to be back to its normal as Sydney relaxes lockdowns and loosens citizenship limitations. The restoration is still a state-by-state affair, with various states claiming differing vaccination rates. While New South Wales has 74 percent of people over the age of 16 who have been fully vaccinated, Queensland has only 52 percent. As vaccination programs gather traction, Australia appears to be on the verge of a “staggered” return to normal. Following the employment report, the Australian dollar has remained relatively unchanged.
Rising inflation and growing energy costs have boosted the Aussie Dollar’s performance over the US Dollar recently. These factors have enabled the market to ignore the RBA’s dovish stance, which has signaled that it will stay accommodative for the near future. The underlying prognosis for the Australian-Dollar crossing remains positive, with lockdowns relaxing and electricity prices remaining stable. Market players may move at 0.7400 as the next major challenge if fresh advances materialize.
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