Expert's opinion from FXFinPro

Falling unemployment in Australia has led to the growth of the Australian currency
The price of Australian Dollar showed a sharp rise after the publication of unexpectedly strong statistics on the state of the labor market in the country. Thus, unemployment dropped to 5.9% in October compared to 6.2% in September. At the same time, the number of employed rose by 58,5 thousand vs. expected 14,8 thousand. This fact significantly reduced the likelihood of interest rate cuts by the Reserve Bank of Australia and the potential fall of the Australian dollar declined. Despite this, we expect further strengthening of the US dollar and the weakness on the market of raw materials, which will adversely affect the price of the Australian dollar and will lead to a drop to the levels of 0.69 and 0.68.

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