AUD Halts Decline: Overview for January 18, 2024 – R Blog



The AUD/USD pair has paused its descent, stabilizing near a recent low.

The Australian dollar, in conjunction with the US dollar, has temporarily halted its decline, with the current AUD/USD exchange rate at 0.6558.

Thursday morning in Australia brought forth a comprehensive array of statistics.

The unemployment rate in December remained steady at 3.9%. However, the proportion of the economically active population saw a notable decline, dropping from 67.3% to 66.8%. Full-time employment witnessed a decrease of 106.6 thousand, contrasting with the previous month's increase of 57.0 thousand. The overall number of jobs in the economy decreased by 65.1 thousand, contradicting the anticipated increase of 17.6 thousand.

Seasonal factors are unlikely to play a significant role in this scenario, given that it is summer in Australia when the service sector typically experiences maximum employment.

Of particular note is the expected MI inflation, currently standing at 4.5%, with no change in the index. This prompts the question of whether the Reserve Bank of Australia (RBA) will prolong its maintenance of a high interest rate.

The AUD is presently receiving support from the stabilization of the US dollar.

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