Canada will release the employment change and the unemployment rate on October 9, at 15:30 MT time.
The AUD slumps on the negative jobs data by the RBA
Information is not investment advice
Today, the Australian authorities announced the unemployment rate at 5.3% as expected by the analysts. It signals a 0.1% increase in the number of jobless people since the previous release, while the RBAs target was 4.5%. At the same time, employment fell by 19K. This again shows a worse scenario against the 15K growth forecast.In consequence, the AUD fell drastically against most of the currencies. On the H1 chart of AUDUSD, the price dropped by 43 pips from 0.6839 to 0.6796. Currently, the Australian dollar is in the correction. However, there is no certain indication so far that the trend is planning to revert to the bullish direction. The resistance level may be placed at 0.6839, while the bears may have 0.6796 to watch for. If it is broken, the price will likely go for the support level of 0.6776.
The Reserve Bank of Australia will post a rate statement, which contains an update on the interest rate on October 6, at 6:30 MT time.
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
Find out the reasons!
The market sentiment deteriorated because of the election uncertainty and worries about rising virus cases all over the world. Let's make some analysis!
The focus of traders’ attention shifted from Brexit and the US stimulus to the coronavirus . The WHO claimed that Europe become the new Covid-19 epicenter.