The Sydney Opera House with the Harbour Bridge seen in the background. Image source: ©Chan Richie © 123RF.com
Australia's unemployment rate decreased to 5.8 per cent in February, said the Australian Bureau of Statistics (ABS). The recorded performance surpassed the initial market expectations, which were expecting no likely changes from the 6.3 per cent reported in January.
This marks the second-largest monthly contraction in headline unemployment since the pandemic began over a year ago, as the rate gets closer to its pre-crash levels of 5.2 per cent.
Australia Unemployment Rate. Image source: TradingEconomics.com
The consensus forecasts anticipated the labour market to have added 30.5 thousand new jobs in February, marking a minor upwardly revision from the 29.5 thousand new jobs added a month prior.
The final employment numbers that were posted in the labour force survey show that the Australian labour market beat those early forecasts by adding 88.7 thousand new jobs. The recorded performance is inlined with the latest projections of the Reserve Bank of Australia.
The economic rebound in Australia is owing to an uptick in global demand, especially in China. The Australian economy continues to be affected by the trends in the world's biggest economy, which is why China's growing consumption is good news for Australia.
The positive impact of the news on the Australian dollar was added to the boost it received yesterday, following FED's policy meeting. As can be seen on the 4H chart below, the Aussie has been advancing against the greenback over the last several hours.
The AUDUSD pair appears to be forming an Inverted Head & Shoulders pattern, which typically signifies mounting bullish pressure. On the condition that the price action manages to break out above the 0.78400 resistance decisively (the latter serves as a Neckline for the Inverted H&S pattern), the renewed uptrend is likely to be extended higher.
Notice that the MACD indicator also underpins this increasing bullish momentum.
AUDUSD 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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