AUD found support in statistics. Overview for 21.03.2024
The Australian dollar has shifted to an upward trend against the US dollar. The current AUDUSD exchange rate stands at 0.6621.
The Aussie received significant support from the Australian employment market statistics. The number of jobs increased by 116.5 thousand, surpassing the forecasted rise of 40.0 thousand. The unemployment rate in February dropped to 3.7% compared to the expected 4.0%.
Earlier this week, the Reserve Bank of Australia kept the interest rate at 4.35% per annum. It has remained stable for the third consecutive meeting. The current interest rate is the highest in 12 years.
In its commentary, the RBA refrained from signalling further interest rate increases. This shows that the RBA is confident in the inflationary outlook and sees evidence of price cooling.
Additionally, the AUD benefits from the decline in the US dollar.
Fundamental analysis for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Sincerely,
The RoboForex Team
The Australian dollar has shifted to an upward trend against the US dollar. The current AUDUSD exchange rate stands at 0.6621.
The Aussie received significant support from the Australian employment market statistics. The number of jobs increased by 116.5 thousand, surpassing the forecasted rise of 40.0 thousand. The unemployment rate in February dropped to 3.7% compared to the expected 4.0%.
Earlier this week, the Reserve Bank of Australia kept the interest rate at 4.35% per annum. It has remained stable for the third consecutive meeting. The current interest rate is the highest in 12 years.
In its commentary, the RBA refrained from signalling further interest rate increases. This shows that the RBA is confident in the inflationary outlook and sees evidence of price cooling.
Additionally, the AUD benefits from the decline in the US dollar.
Fundamental analysis for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
Sincerely,
The RoboForex Team
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