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FxWirePro: AUD/USD ignores upbeat employment data, extends declines on Westpac's RBA rate cut call

AUD/USD chart on Trading View used for analysis

  • AUD/USD spiked higher to 0.7207 levels earlier in the Asian session on stellar Australian jobs report.
     
  • Data released earlier today showed Australia's employment change came in at +39.1 K vs the expected 15.0K, prior 21.6K - (revised 16.9k).
     
  • Unemployment rate stood at 5.0%, inline with expectations while full-time employment change was 65.4K, strikingly above the prior -3K - (revised  -9.5k).
     
  • The major however reversed all gains on upbeat employment data after Westpac's RBA rate cut call.
     
  • Westpac - one of Australia's leading banks, expects the RBA to cut rates by 25 basis points in August and November this year. 
     
  • The pair is currently trading at 0.7089 at 0700 GMT, down 1.02% at the time of writing.
     
  • Cloud offers strong support. Major trend is bearish, break below cloud will accentuate weakness.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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ARAnnual Primary Balance*

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