According to the Australian Bureau of Labour Statistics, headline unemployment has fallen to 5.2 per cent, a 0.1 percentage point drop from the previous month. Market analysts did not expect such a positive performance.
Sizable gains in employment have been generated in November, as in the latest issue of the Labour Force Survey it was noted that the Australian labour market has grown by nearly 40 thousand new jobs.
Australia Unemployment Rate. Image source: TradingEconomics.com
This performance exceeded the initial expectations for a marginal growth of just 14 thousand new jobs, and it is also welcoming news given the net loss of 24 thousand jobs that were recorded for October.
Thus, unemployment has fallen back within range of this year’s average level of 5.2 per cent, which has been prevailing for three fiscal quarters so far.
The more favourable labour sentiment has prompted the strengthening of the Australian dollar.
Meanwhile, the head and shoulders pattern on the EURAUD pair continues to develop as per our earlier projections.
The bearish swing continues to gain momentum, partially supported by the more robust labour data in Australia, and the price is now nearing the neckline of the pattern, which is the major support level at 1.59123.
EURAUD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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