AUDUSD Key event – Australia’s Unemployment rate (May 19th 04:30 GMT +3)
At one of the latest Bank of Australia meetings a decision has been made to cut the refinancing rate from 2.00% to 1.75%. This tells us that no other means of economic stimulation has been working and BoA’s leaders are forced to take drastic measures. From this point on any new piece of fundamental data will play a huge role, especially those pertaining to the labor market, inflation and changes to GDP.
Key event this week is Australia’s Unemployment rate:
..the unemployment rate remains close to the optimal level = 6%, but if the overall dynamics will keep getting worse it will have a negative impact on Australian Dollar.
Another important economic event is RBA Meeting Minutes, as it will show the current economic outlook of Australia:
It is expected that after the publication of this document there will be a massive volatility in the market.
AUDUSD chart:
The latest economic Australian statistics is quite weak and the AUDUSD D1 chart shows it all – the rate decreased by 546 points in the last three weeks. The rate keeps decreasing in the narrow trend range.
What is more, “Awesome Oscillator” it also pointing on a downward trend.
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