The Aussie is looking for ways to rise. Overview for 19.05.2022

AUDUSD is slowly moving close to its local lows – the asset still hopes for a recovery. 

The Australian Dollar is trying to rise against the USD on Thursday. the current quote for the instrument is 0.6966.

The statistics published by Australia in the morning showed that the Unemployment Rate in the country dropped to 3.9% in April after being 4.0% in March. 

At the same time, the economy didn’t create a lot of new jobs – the Employment Change showed only 4K in April after being 17.9K the month before and against the expected reading of 30K. On one hand, it’s quite clear – the winter season is coming soon. On the other hand, external problems are bound to affect the Australian labour market and the economy, which is very sensitive to export issues. 

Yesterday, the AUD was responding to rather questionable macroeconomic reports from China for April, which were much worse than expected due to the Shanghai lockdown. Both retail sales and industrial production dropped, the same as fixed asset investments. At the same time, the unemployment rate rose in each of the 31 biggest cities. 

China’s economic balance is very important for Australia. Despite all political tensions, China remains Australia’s key trade and economic partner.

Source: Roboforex

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