The Australian dollar fell slightly after the Bureau of Statistics released the number of jobs in April. The data showed that more than 594,000 Australians lost their jobs between March and April. Unemployment rose by 104,500 to 823,000, while unemployment rose to 6.2%. Analysts surveyed by Bloomberg expected the rate to jump to 8.3%. In addition, the total working hours decreased by approx. 9.2%, while unemployment rose to 1.8 million. These figures show how the Australian economy has been affected by the ongoing pandemic. With the country’s reopening, there are still chances that the situation has peaked.
The US dollar remained relatively stable after the Fed leader gave a speech at the Peterson Institute yesterday. In the speech, he said the US economy was facing a long road to recovery and asked politicians for more fiscal stimulus. He also ruled out negative interest rates proposed by Trump. Later today we will receive the original data on unemployment claims. Analysts expect another 2.5 million Americans to file these claims. We will also collect export and import data from the United States.
Asian stocks fell today as the market continued to worry about rising tensions between the US and China. In China, the Shanghai index fell by 0.60%, while Hang Seng fell by more than 1.57%. In Japan, the Nikkei 225 index fell by 0.75%. These declines followed another dismal performance in the US, with Dow Jones falling more than 2%. Tensions between the two countries have increased as they deal with allegations of the current pandemic. Yesterday, China complained that Donald Trump had asked for the largest public pension not to invest in Chinese equities.
EUR / USD
The EUR / USD pair fell overnight trading as the market awaited US data on unemployment claims. The pair is trading at 1.0810, which is significantly lower than yesterday’s high of 1.0895. On the schedule, this price is between 23.6% and 38.2% Fibonacci retracement level. Therefore, the pair may continue to decline as the Bears try to test the 23.6% retracement level of 1.0795.
XBR / USD
The XBR / USD pair fell to a low of 29.35, even as US stocks fell. This price was the lowest it has been since Tuesday last week. On the schedule, the price has been on a slow decline after it peaked at 32.37 a week ago. The price is slightly below the 50-day and 25-day exponentially moving average, while the RSI has fallen. Therefore, the couple may continue to decline and perhaps test the important support of 28.
AUD / USD
AUD / USD fell according to Australian job data. The pair reached a low level of 0.6420, which is the lowest it has been since Monday last week. The price is also below the 50-day and 25-day EMA, while the RSI has moved to oversold level. Therefore, the pair may be able to move lower and try again the 50% Fibonacci retracement level of 0.6400.