As reported Forex-analysts of TeleTrade Company (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/), the Australian dollar rose by 0.5%, strengthening by month high after a positive report on employment in the country. According to the Australian Bureau of Statistics, the rate of employment, which reflects the change in the number of employed people in Australia, amounted to +37.4, and that is higher expectations +5.3. The unemployment rate in Australia in December fell to 6.1% from the previous figure of 6.2%. Although the December data came after a strong November jobs report, market participants still expect the RBA rate cuts in the next 12 months.
According to today's poll of traders, there is a chance that the Reserve Bank of Australia in the next 12 months will reduce the interest rate by 37 basis points. TeleTrade analysts reminded that expectations showed a decline of 41 basis points. Additional support to the Australian currency was the rise in prices of copper at 1.6% after its fall of 5.3%. It is worth noting that the metal is one of the 10 most valuable export units in Australia.
Aussie supported by growth in copper prices
In contrast to developments in the framework of Asian session, when the fall in copper prices is reflected in the weakness of the Australian dollar, AUD today demand against the background of a positive statistics on the labor market. As reported by the Australian Bureau of Statistics, the unemployment rate unexpectedly fell to 6.1% in December, which is 0.2% below forecast estimates. The November unemployment rate was revised downward from 6.3% to 6.2%. Moreover, the Australian economy in the last month of last year created 37.400 new jobs, while analysts expected growth of only 5.000 jobs.
Aussie remains limited to the resistance level of 0.8198 dollar on Wednesday, and today, despite the strong correction after a sharp decline from levels slightly above the minimum in 2015 and the bottom of the Bollinger channel (0.8061). Bulls continue to look for a close above 0.8198 to shift the focus to the upper border of the falling channel around 0.8299 (today). While 0.8198 holds back the bulls attack, immediate attention will be riveted to a minimum in 2015 with a total focus on the foundation day of the incident channel around 0.7869.
