The Australian Bureau of Statistics (ABS) is scheduled to deliver its most recent labour force survey this Thursday.
The consensus forecasts project a marginal rise in the number of unemployed persons in the economy to 5.2 per cent of the population, compared to the 5.1 per cent that was recorded in January.
Australia Unemployment Rate. Image source: TradingEconomics.com
This surge will not be as big of a shock as some might expect, given the fact that the Australian labour market has been consolidating around the 5.2 per cent unemployment level since early 2019.
The labour data for February is going to be made public just two days after the Reserve Bank of Australia (RBA) releases the detailed monetary policy meeting minutes from its last gathering the week before last.
All of these statistics are very likely to prompt heightened trading activity and price speculations on all currency pairs that involve the Australian dollar.
The Aussie was one of those currencies that were hit the most by the prolonged trade disputes between the US and China, and the signing of Phase One in the trade agreement between the two countries was expected to reduce some of the overall uncertainty that was weighing down on the currency.
Instead, the Aussie was not even able to begin establishing a proper correction when a new dose of uncertainty hit the markets, and it was caused by the outbreak of the deadly coronavirus in China – COVID-19.
Thus, the trading pressures that are currently exerted on the Australian dollar remain muted.
The AUDUSD pair is currently consolidating around the major support level at 0.67000, which finds itself towards the lower end of a major regression bearish trend.
AUDUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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