Australian payroll data indicates that around 1 million people have already been made inactive. The official employment and unemployment statistics released today were anticipated and the data finally arrived as follows:
Data on jobs in Australia
Australia April employment -594.3k n / a (Reuters poll: -575.0k)
Australia Unemployment rate for April +6.2 pc, s / adj (Reuters poll: +8.3)
Australia April full time employment -220.5k s / adj
Australia Participation rate in April +63.5 pc, n / a (Reuters poll: +65.2 pc)
AUD was mixed on the data with something for bears and bulls. More soon …
Before the data, in European and American trade, the AUD / USD fell from 0.6480 to end the day around 0.6450 via 0.6524 the lowest. The pair sat at 0.6456 before release. AUD / NZD had preserved its post-RBNZ gains, peaking six months before the event. ((AUD / NZD Extends RBNZ RBA Playoff Rally Before Key Figures). AUD / JPY played its risk correlation status and its trading under pressure: AUD / JPY struggles around 0.69 the number, keeps control.
Fears of the second wave of COVID-19 and the trade wars are an inevitable burden for the currency. More about it here China reports 12 new cases of asymptomatic coronaviruses and AUD / USD falls towards the bottom of the week’s range, a bearish bias prevails.
Description of the unemployment rate
The Unemployment rate published by the Australian Bureau of Statistics is the number of unemployed people divided by the total civilian labor force. If the rate increases, this indicates a lack of expansion in the Australian labor market. As a result, a rise leads to weakening the Australian economy. A decrease in the figure is considered positive (or bullish) for the AUD, while an increase is considered negative (or bearish).