11 Jun 2015
AUD/USD favoured after robust labor market data, dovish view stands – OCBC
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, explains that the above expected Australian labor market numbers sent AUD/USD back above the 0.7750 area, but the dovish to flat outlook for the pair remains.
Key Quotes
“This morning, Australian May labor market numbers surprised on the upside and sent the AUD-USD heading back above 0.7750 after being dragged lower post-RBNZ. May job creation clocked a +42k increase against an expected +15k and a downwardly revised -13.7k the previous month.”
“The unemployment rate also surprised by dipping to 6.0% from and expected 6.2% and a downwardly revised 6.1%.”
“Near term, the pair will have to contend with the resistance at the 55-day MA (0.7786) before 0.7800 while multi-session support is expected towards 0.7600. In the interim, our flat to dovish orientation towards the pair remains intact.”
Key Quotes
“This morning, Australian May labor market numbers surprised on the upside and sent the AUD-USD heading back above 0.7750 after being dragged lower post-RBNZ. May job creation clocked a +42k increase against an expected +15k and a downwardly revised -13.7k the previous month.”
“The unemployment rate also surprised by dipping to 6.0% from and expected 6.2% and a downwardly revised 6.1%.”
“Near term, the pair will have to contend with the resistance at the 55-day MA (0.7786) before 0.7800 while multi-session support is expected towards 0.7600. In the interim, our flat to dovish orientation towards the pair remains intact.”