www.TheLFB-Forex.com The Forex Trader Portal
Market Wire Update:
Aussie Employment
The first of the red flagged calendar releases are in the market, from Australia, and have generated a response that has pushed the Usd higher. The Asian market momentum is thin at this stage in the trading session, and as such a move in AUD/USD tends to create an automated move across the major pairs.
The Unemployment Rate printed at 5.8%, a positive number in itself, but what seemed to allow the market to take some profit off recent aussie gains was the Employment Change registering at -27.1k, instead of the -14.3k that was expected.
A miss by 13k jobs lost over the analysts guess, when the Unemployment Rate stayed at the most robust rate of any major economy, just confirms the volatility of thin Asian market trade. Contrarian traders will be looking at the overall trend, and wondering at what stage the 'buy-the-dip' play kicks in. With positive global equity, oil, and gold trade in hand right now, it seems as though it will not be if, but when, the market steps in to buy AUD/USD.
"We will watch the price action and will very likely be looking at the long side of this pull-back" TheLFB Trade Team said, "and members will be notified".