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TD Securities’ Global Strategy Team expects a solid January labour market report in Australia, projecting 25k jobs added and a participation rate of 66.8%, keeping unemployment at 4.2%.
💡 DMK Insight
Australia’s job growth forecast could impact the AUD and related markets significantly. With TD Securities projecting 25k jobs added and a steady unemployment rate of 4.2%, traders should keep an eye on how this data influences the Australian dollar (AUD) and commodities linked to it. A strong labor market often leads to expectations of tighter monetary policy, which could strengthen the AUD against major pairs. If the actual numbers exceed expectations, we might see a bullish reaction in the AUD, particularly against currencies like the USD and NZD. Conversely, if the numbers fall short, it could trigger a sell-off. Look for key technical levels around AUD/USD 0.6500 and 0.6600, which could act as support and resistance, respectively. Additionally, monitor the correlation with commodities like gold, as a stronger AUD might pressure gold prices. The January report is due soon, so traders should be prepared for volatility around that time, especially if the figures deviate from projections.
📮 Takeaway
Watch for the January labor report in Australia; stronger job growth could boost the AUD, particularly against the USD, with key levels at 0.6500 and 0.6600.
