Aussie Employment Data In Focus Tonight
Looking ahead to tonight’s Asian session (Weds/Thurs overnight), the key data releases to note are the Australian unemployment rate and employment change numbers. Given the firm trajectory in the labour market rebound, the market is looking for the unemployment rate to fall lower again to 4.5% from the prior 4.6%.
With the Australian economy reopening and optimism over the summer spending boom, a strong reading tonight will no doubt help lift AUD. The RBA has retained a broadly optimistic tone over recent months and looks set to continue pressing ahead with tapering this year while the data supports it.
Where To Trade Aussie Employment Data?
ASX200
The main Aussie share index is currently displaying interesting price action. The market is currently correcting lower from the latest test of the 7632.89 level, which risks forming a double top pattern, following the break of the png term bull trend line. With this in mind, any AUD strength on the back of tonight’s data is likely to see the market continue south. The key level to watch is the 7155.96 level, a break of which will open the way for a test of 6876.50 next.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.