WIKIFX REPORT: The Aussie is in the “bearish” clutch

The “Aussie” is common forex trader slang for the Australian dollar, the official currency of the commonwealth of Australia. Also abbreviated as AUD/USD for the currency cross of Australia and the United States and it is the fourth most traded currency pair. AUDUSD is falling despite the rate expectations and statistics.

The Australian Dollar is falling against the USD on Friday. The current quote for the instrument is 0.6726. While The USD keeps attacking and it prevents the AUD from recovering, even considering strong statistics.

The data published yesterday showed that Employment Change was 88.4K in June against the expected reading of 30K. The current trend is quite positive – in May, the indicator was 60.6K in May. The unemployment rate in Australia dropped from 3.9% in May to 3.5% in June.

As such, the Australian economy was experiencing the “hiring boom” in June, forcing the Unemployment Rate to drop to its 50-year lows. Such a stable labour market boosts market expectations of more aggressive moves from the Reserve Bank of Australia during its next meeting. Investors believe the regulator will raise the benchmark interest rate.

This could be a good move, considering the global inflation boost. The КИФ might have to act more aggressively than usual and its good for the Aussie