Today Australian employment data was release, with the majority of the data being worse than consensus. The Australian unemployment rate decreased to 3.9%, with forecasts at 4.1% (credit Tradays). Part time employed decreased by 88.4K, whilst full time employment soared 92.4K. Inflation is likely to continue rising in Australia with employment data like that, however the RBA has shown their hesitancy to hike rates already.

The market has reacted to the news by buying AUD. As usual the event coincided with some technical factors nicely.

Price was trading around the 100,200 & 500 SMA’s as support, which has just entered a bullish cross. There was also trendline and pivot support, which price has made a bounce from. The Aussie is now trading back above 70 cents.