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AUD/USD slumps as Unemployment Rate edges higher – Commerzbank

November 16, 2023| Forex Market


AUD/USD is easing following largely positive data in Australia. Economists at Commerzbank analyze the employment report.

Positive Australian labour market report has little effect

The labour market data from Australia suggests that the downtrend in full-time employment might have been stopped. Overall employment rose more significantly than analysts had expected in advance.

The market seems to focus instead on the unemployment rate which rose as expected despite the solid rise in job creation. 

The AUD move was rather small though – certainly compared with the positive effect produced by the USD side of things on Tuesday.


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