Australia is printing its labor market numbers while China has a data dump on tap.
Planning on trading the Aussie this week?
Here’s what you can expect from the events!
Labor market numbers (May 14, 1:30 am GMT)
- Australia added 5.9K jobs in March vs. projected 33K drop, unemployment rate up from 5.1% to 5.2% vs. 5.4% consensus
- AUD still dropped during the session as traders took cues from a weak U.S. session trading
- Jobless rate is expected to jump from 5.2% to 7.8% in April
- A net of 4.5 million Australians could have lost jobs for the month
- Participation rate is seen dipping from 66.0% to 65.2%
China’s data releases
- Consumer price index (May 12, 1:30 am GMT) could drop from 4.3% to an annual rate of 3.7%
- Producer prices (May 12, 1:30 am GMT) is seen dropping by another 2.6% in April
- Fixed asset investment (May 15, 2:00 am GMT) to drop by another 8.5% (from -16.1%) in April?
- Industrial production (May 15, 2:00 am GMT) seen gaining by 1.5% after dipping by 1.1%
- Retail sales (May 15, 2:00 am GMT) could post another 5.2% drop
Overall risk sentiment
- Updates on Australia reopening its economy can continue to support AUD
- Top-tier releases like U.S.’ CPI and retail sales and U.K.’s GDP reports can affect traders’ appetite for high-yielding currencies like AUD
- Watch out for other major catalysts and their impact on commodity prices
- Stochastic is signaling AUD’s “overbought” conditions against EUR, GBP, USD, and CAD on the daily time frame
- Watch out for reversal opportunities on AUD/USD, AUD/CHF, EUR/AUD, AUD/JPY, and GBP/AUD’s daily time frame
- AUD has seen the most volatility against JPY, CHF, USD, and EUR in the last seven days
Missed last week’s price action? Read AUD’s price recap for May 4 – 8!