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Aussie Surges On Positive Economic Data -

Apr, 14th 14:34

According to statistics from the Melbourne Institute, the expected inflation rate in Australia was reported at 3.6%, up 0.2 percentage points in April 2016. The data measures the expectations of consumers regarding changes in the price of goods and services during the next 12 months.

The number of Australian people employed during March was reported at 26,100, after witnessing a 0.7% decline the month before. Employment change is a leading indicator of consumer spending, which accounts for a large part of the overall economic activity.

The unemployment rate was also announced at 5.7% after being forecast to come in at 5.9%, which is a good signal for the Australian dollar. Besides, the number of unemployed people dropped 7,300 to 723,100. The number of unemployed people looking for full-time work also declined by 7,900 to 515,900.

Analysts surveyed by the latest Reuters poll expect the Australian gross domestic product (GDP) to rise 2.6 percent this year. The country’s growth was forecast to come in at 2.9 percent in 2017.

In the US, the dollar stayed firmer on Thursday as investors were driven to pare the bearish dollar positions as global sentiment improves. The dollar index, which measures the strength of the dollar against a basket of six major currencies, inched up 0.2 percent, after gaining around 1 percent yesterday.

U.S. retail sales fell in March as households cut back on purchase of automobiles and other consumer goods. The data provided further evidence that US economic growth plunged in the first quarter of the year, which helps reinforce the caution on rate hikes exercised by  the Federal Reserve.

audusd

Fig: AUDUSD H4 Technical Chart

The Aussie gained momentum against its US counterpart to reach as high as 0.76938. The EMA 10 has cut the EMA 50 and moved up, supporting AUDUSD to climb further. RSI is hovering around level 64 and heading to the oversold territory, indicating overwhelming buying power. The pair is expected to continue the uptrend, hitting the psychological resistance at 0.77240.

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