In less than an hour we will receive employment data for Australia. After yesterday’s weaker than expected retail sales report, there is a chance AUD/USD could be dragged significantly lower if the data disappoints.
Analysts expect employment to rise by 5,000 in January compared to 5,500 jobs lost in December. The unemployment rate is expected to increase to 5.5% from the previous reading of 5.4%. The participation rate will also be important, as we saw in New Zealand’s report. The participation rate is expected to remain steady at 65.1%
AUD/USD still can’t build any solid momentum as it trades at 1.0315, which is a sign that traders are being cautious.
