When is the Australian employment report and how could it affect AUD/USD?

February month employment statistics from the Australian Bureau of Statistics, up for publishing at 00:30 GMT on Thursday, will be the immediate catalyst for the AUD/USD pair traders. Along with the data, the RBA Bulletin for Q4 will also be released and should be watched too.

The jobs figures have been important considering the recent run-up in inflation and the Reserve Bank of Australia’s (RBA) slightly easy hesitance to rate-hike. It should be noted, however, that the recently mixed signals from the Aussie central bank and more importance to the risk catalysts dim the charm of today’s Aussie jobs report.

Market consensus suggests that the headline Unemployment Rate may ease to 4.1% from 4.2% on a seasonally adjusted basis whereas Employment Change could rise from 12.9K to 37K. Further, the Participation Rate may also rise to 66.3% from 66.2% during the stated month.

Ahead of the event, analysts at Westpac said,

ANZ also mentioned,

How could the data affect AUD/USD?

AUD/USD bulls take a breather around a one-week high near 0.7285, after rising for the last two consecutive days, during Thursday morning in Asia. In doing so, the risk barometer portrays the market’s indecision over the Russia-Ukraine peace talks ahead of the key data release.

Although expectations of firmer data may offer immediate strength to the AUD/USD prices, the quote needs support from the market sentiment to recall the buyers, due to the recent emphasis on risk catalysts. Another reason that weighs on the importance of the Aussie jobs report is the RBA’s latest Minutes repeating its no rate-hike pledge, as well as higher importance to inflation concerns.

Technically, the weekly resistance line challenges the AUD/USD pair’s immediate upside around 0.7300, a break of which will quickly propel the quote towards the 0.7370 level. Adding to the upside filter is the 200-DMA level surrounding 0.7305.

Key Notes

AUD/USD bulls on standby for Aussie Employment data

 Australian Employment Preview: Upbeat figures to fuel the optimism-related rally

About the Employment Change

The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).

About the Unemployment Rate

The Unemployment Rate released by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. If the rate hikes, indicates a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).