The Australian Dollar continues falling. Overview for 16.05.2019

AUDUSD remains weak; the pair is still trading downwards. 

On Thursday morning, the Australian Dollar is still falling against the USD. The current quote for the instrument is 0.6913. It’s the lowest level since January 3rd 2019, but there is obviously room to continue plunging. 

Apart from the pressure that comes from the US-China trade talks, the Aussie is surely significantly influenced by numbers from Australia, which have been pretty alarming recently.

In the morning, Australia reported on the Employment Change for April. The indicator increased up to 28.4K after being 27.7K in the previous month, although it was expected to improve. 

The Unemployment Rate, in its turn, went from 5.1% to 5.2%. Apparently, it was caused by the same complications in global trade, which involve China, Australia’s key trade and economic partner. 

The fact that the Australian economy is starting to slow down may force the Reserve Bank of Australia reduce the key rate in the nearest future.