AUDUSD decided to take advantage of the weak “greenback” and started recovering.
The Australian Dollar managed to find support against the USD and reverse upwards. The current quote for the instrument is 0.7824.
After the March meeting of the US Federal Reserve System, when the regulator decided to revise its estimations relating to the economic outlook and said that the key aspects of its monetary policy would remain unchanged for a long time, the USD got under significant pressure. This fact helped the Aussie to start recovering. Finally.
The statistics published today turned out to be quite positive for the Australian Dollar. For example, the Unemployment Rate went from 6.3% in January to 5.8% in February, although it wasn’t expected to change so much.
The Employment Change showed 88.7K in February after being 29.5K in the previous month and against the expected reading of 30K. That’s good news showing that the Australian government continues working with the country’s labor market by reassigning people with different specialties, and one can say that the government has been doing a great job in diversifying the economy for the last ten years or so.
The components of the report show that the Full-Time Employment Change was 89.1K, while the Part-Time Employment was -0.5K after being -29.3K the month before.