The Australian Bureau of Statistics is scheduled to release its newest report on the underlying employment conditions in the country this Thursday.
The report is going to record the most recent changes in the Australian labour market, that have transpired in November.
Currently, the unemployment rate is at 5.3 per cent, and the consensus forecasts project that the rate would most likely remain unchanged at the same level.
Australia Unemployment Rate. Image source: TradingEconomics.com
Nevertheless, the overall employment is expected to have increased by 15.2 thousand newly created jobs on a seasonally adjusted basis.
Such a turn of events would be welcoming news for the Reserve Bank of Australia, as it would be indicative of somewhat strengthening labour market even if the unemployment remains unchanged.
At the current rate, the Australian labour market seems somewhat weaker compared to other top economies, such as the US and the UK.
A partial reason for that is the subdued economic growth that has affected the country because of the ongoing global trade uncertainties.
If the observed performance of Thursday’s jobs report meets the consensus forecasts for marginal improvement in employment, the Aussie is likely to be affected negatively by the news.
On such conditions, the AUDUSD is likely to continue its deterioration from last Friday’s afternoon session, when the pair contracted itself by more than 60 pips.
If the current bearish swing continues then the price action on the pair's 1D chart would start to resemble a Head and Shoulders pattern, which would mean that the long-term target for bears would be the Neckline at 0.67000.
AUDUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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