The Australian Dollar is still rising. Overview for 14.12.2017

14.12.2017

The AUD/USD has been growing for the fourth consecutive trading session; once again, it was supported by the statistics.

On Thursday, the Australian Dollar continues rising against the USD. The pair has been trading to the upside for the fourth trading session in a row, at first due to the USD weakness, now with support from the statistics. The current quote for the instrument is 0.7660.

This morning, Australia reported on the employment market. The Unemployment Rate didn’t change in November and remained the same as in the previous month, at 5.4%. However, the indicator wasn’t expected to change, so it’s okay, but another report was a pleasant surprise. The Employment Change added 61.6K after expanding just 7.8K the month before and against the expected reading of 18.1K.

The components of the report show that the Participation Rate expanded up to 65.5% after being 65.2% and against the expected reading of 65.1%.

Why is this positive information on the Australian labor market important? The country’s economy is being diversified for many years as the government is trying to switch from the mining industry to some other sectors of economy. The population that was employed in mining coal and ore has to be retrained and employed in other industries. This process had its ups and downs, because it’s not very easy to implement. However, the last 12 months say that it’s not only possible, but quite successful as well.

In this light, the statistics published by China in the morning, which indicated some slowdown in the Foreign Direct Investment, was pretty much ignored.

 

RoboForex Analytical Department

 

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.