Australia has recently exposed positive employment figures for the month of March. These numbers are better than expected. These are likely to influence the sensitive. These facts highlight the positivity in the economic activities in Australia.
Before the revelation of these employment figures, the anticipated unemployment rate was 5.7%. But the recent show that the unemployment rate fell from anticipated 5.7% to 5.6%. It is indeed a significant achievement and it is likely to boost economic growth of Australia. In addition, Australia has added 70700 more jobs last month. While the expected data of new added jobs were about 35000. Thus the actual figures are double the expected figures. These newly added jobs will heighten the labor force. The participation of labor will expand to 66.3%. In February, this participation was 66.1%.
Concern for RBA:
However these employment figures have also concerned the Reserve Bank of Australia. The concern is related to the fall of 20800 permanent jobs in March. There is a significant increase of 91100 part-time jobs last month. Reserve Bank of Australia has constantly monitored the changes in these figures. This extreme fall in the permanent jobs has alarmed the bank. It is likely to result in a new trend in the economy as well. The bank has also included this disturbing fall in its February report.
Analysis of AUD/USD:
As far as the immediate trade is concerned, AUD/USD fell and disappointed the traders. The smooth performance of this pair has stopped suddenly. There are additional and strict lock down measures in Australia which is affecting AUD. At the same time, the vaccination program in Australia is slower than expected. This slow pace of vaccination program and additional lock downs are capping the rise in the worth of AUD. The positive employment figures seem helpless to raise the price of Aussie. The currency seems to further move downwards.