According to the Labour Force Survey, which is issued by the Australian Bureau of Statistics, the unemployment rate in Australia has unexpectedly increased to 5.3 per cent in October.
The consensus forecasts were projecting the inflation rate to have remained unchanged at the previous level of 5.2 per cent; however, a reduction in employment has resulted in the recorded 0.1 percentage point surge.
In the report, it is further stated that the number of employed persons has decreased by 19000 after seasonal adjustment in October.
Australia Unemployment Rate. Image source: Trendsharks ©, created with TradingView.com
The observed deterioration of the Australian labour market has prompted a sell-off of the Australian dollar in the Forex market.
The apparent lagging of the labour market in Australia could compel the MPC of the Reserve Bank of Australia to consider further lowering the interest rate in the country.
Waning jobs growth is an indication of impeded economic activity, which, in turn, could result in deterioration of the price stability in Australia.
The Aussie was already suffering from a recent correction in all major currency pairs comprising of the AUD, and yesterday’s data further boosted the bearish swings.
The AUDUSD registered its fifth consecutive day of depreciation yesterday, as the pair closed below the major resistance level of 0.68000 at 0.67865.
Yesterday’s drop was the most substantial one, as the price of the pair tumbled by a total of 0.75 per cent.
Consequently, this bearish sell-off has caused the price to tumble back within the boundaries of the previously outlined Accumulation range, spanning between 0.67000 and 0.68000.
AUDUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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