AUD tries to recover. Overview for 16.03.2023
AUD paired with the US dollar "broke off" the recovery, declined due to the external background and now needs a "support" again. The current AUDUSD quote is at 0.6631. The main pressure on the AUD comes from the US dollar. It has si…
AUD paired with the US dollar “broke off” the recovery, declined due to the external background and now needs a “support” again. The current AUDUSD quote is at 0.6631. The main pressure on the AUD comes from the US dollar. It has significantly strengthened against the background of the global “flight” of investors from risks. Market participants are scared by the signs of formation of a full-scale banking crisis in the U.S. and Europe.
Morning statistics from Australia turned out to be positive. Thus, the number of jobs in the economy grew by 64,600 in February against expectations of an increase by 49,700 and the previous decrease by 10,900. The country’s unemployment rate fell to 3.5% from 3.7% in the previous month.
The reporting components show that Australia is on track to create full-time employment positions. The number of part-time jobs has fallen significantly while the number of full-time jobs has increased.
The strength of the labour market could be a good “backstop” for the AUD.