The Australian Dollar found support. Overview for 17.08.2017

On Thursday, the AUD/USD pair is trading upwards after Australia published some positive statistics.

The Australian Dollar found additional support from the statistics on Thursday afternoon and was able to continue its growth against the USD. The current quote for the instrument is 0.7937.

Today, Australia reported on the labor market. The Employment Change expanded by 27.9K in July after adding 20.0K the month before and against the expected reading of 19.8K. The Unemployment Rate in July was 5.6%, which is less than in the previous month.

The components of the report show that the labor market was mostly supported by the Part Time Employment. At the same time, one can see that the Full Time Employment lost 20K after adding 69.2K in June.

The Participation Rate in Australia has been growing slowly. In July, it was 65.1% against the June reading of 65.0%. The employment growth rate is above the average and that’s an excellent result for the Australian economy, which is still in transition from the resource model to a diversified one.

Additional support to the Aussie was provided by the slackening of the USD. The FOMC Meeting Minutes published yesterday contain no indications when the Fed is going to start selling its assets, but they have a lot of doubts about stable growth of the inflation.

RoboForex Analytical Department