Solid News

Australian Labor Market Continues to Recover

12/15/2022 12:32 PM

The AUD/USD pair is holding in an uptrend, trading at 0.6825, and today's data on the labor market supported the positive dynamics.

The overall unemployment rate in Australia remained at 3.4%, while employment increased by 64.0K jobs after rising by 43.1K a month earlier, and total employment reached 13.752M people. Seasonally adjusted, the share of the economically active population increased to 66.8% from 66.5% a month earlier, and the ratio of employed to the country's total population increased to 64.5%. The unemployed increased by only 200 people, while the youth unemployment rate fell to 7.7%.

The key event of yesterday evening was the last meeting of the US Federal Reserve this year, during which the regulator expectedly raised the interest rate by 50.0 basis points, bringing it to the range of 4.25–4.50%. In an accompanying statement, the head of the department, Jerome Powell, noted that reducing inflation to 2.0% remains a key goal, and until it is achieved, the "hawkish" rhetoric maintains. Soon, the figure will reach 5.1%, after which it is planned to decrease slowly, bringing it to 4.1% by the end of 2024.

On the daily chart of the asset, the trading instrument is moving in an ascending channel and, after reaching the resistance line, is preparing to break it.

Technical indicators maintain a strengthening buy signal: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram forms upward bars in the buying zone.

Resistance levels: 0.6895, 0.7068. | Support levels: 0.6745, 0.6586.

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