AUDUSD is heading to 0.94 after strong job reports and surprise China trade balance

AUDUSD is heading to 0.94 after strong job reports and surprise China trade balance

The Aussie gained after the Unemployment Change data released with 14,200 jobs were added in April versus 8,800 jobs increase estimated. The unemployment rate also held at 5.8% versus 5.9% as forecasted.

Jobs data today provided more evidence to the markets that Australia economy is already in a strong recovery phase.

Half an hour after Australian job reports, April trade balance figures in China also released with trade surlus reached $18.45bil versus $13.9bil forecasted, widely surprised the market. As Australia’s largest trading partner, good trade data from China have helped improve overall sentiment on the Chinese markets, and this is expected to give more support for the Aussie on its rally.

AUDUSD currently trading around 0.9370 zone, gains almost 50 pips from market opening and expected to move higher toward 0.94 today.

Forex Signals 247

Leave a Reply

Your email address will not be published. Required fields are marked *