The Australian Dollar is becoming stable. Overview for 20.05.2021
AUDUSD is recovering on Thursday afternoon after falling last night.
The Australian Dollar is trying to benefit from the calm period in the news and recover against the USD. The current quote for the instrument is 0.7742.
The statistics published today showed that the Unemployment Rate went from 5.7% in March to 5.5% in April against the expected reading of 5.6%. The Employment Change in April was -30.6K after being 77K in the previous month and against the expected reading of 17.5K.
April was the first month after the Australian authorities closed the JobKeeper program and this might be a reason for loss of jobs. At the same time, the Australian Bureau of Statistics doesn’t see any risks to the labor market balance because the April data may include seasonal factors. Earlier, the Easter holidays in April resulted in a reduction in working hours by 0.7%, which was quite unusual.
The components of the report show that the current unemployment among young people in Australia is one of the lowest in recent years at 10.6% - that’s a very positive signal because it’s better than before the pandemic.
The statistics are rather mixed but today’s recovery is supported by a pause in EURUSD movements.
On Friday, Australia is scheduled to report on the Manufacturing and Services PMIs.
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