The Australian Dollar is trying to update its lows. Overview for 16.11.2017

The AUD/USD pair updated another low, of July 7^th, influenced by some mixed statistics on the employment.

The Australian Dollar was falling against the USD on Thursday morning, but later recovered a little bit. The current quote for the instrument is 0.7593.

Today’s statistics showed that the Unemployment Rate in Australian fell from 5.5% in September to 5.4% this month. The indicator wasn’t expected to change, so the improved reading surprised investors a little bit.

However, this positive news was ruined by the components of the report. For example, the Employment Change in October was only 3.7K against the expected reading of 17.8K. In contrast, the month before the indicator added 26.6K. It may well be that today’s weak numbers are just a correction of the previous ones, which quite strong. The good thing is that the rising impulse continues. It suggests that the indicator may add up to 7-10K in November.

Details of the report describe the following situation on the Australian labor market. It can be easily seen that the employment is increasing rather slowly. The labor market lacks manpower (about 1.7K), the Participation Rate reduced a little bit along with the Part Time Employment.

Taken together, these factors indicate that the Australian labor market is getting through the economic diversification, although the process is pretty tough. For those who earlier worked in the mining industry, the procedure of job placement and re-skilling is not quick. This is the reason why the Aussie fell.

RoboForex Analytical Department