Skip to content AUDUSD Fundamental Analysis – 21-October-2024
The Australian dollar climbed to $0.669 this Monday, marking its third consecutive gain. This uptick is a reaction to comments made by Andrew Hauser, the Deputy Governor of the Reserve Bank of Australia. Hauser expressed surprise at the robust job growth, suggesting the central bank stands ready to adjust policies based on new economic data.
The AUD/USD 4-hour chart below demonstrates the price, support, and resistance levels.
Australia’s Job Market Surges
Recent statistics revealed that Australia’s job market saw significant growth, adding 64,100 jobs in September, surpassing the expected 25,000. This has kept the unemployment rate steady at 4.1%. Market participants are now keenly awaiting upcoming PMI reports to gauge further economic trends.
Economic Optimism Boosts Aussie Dollar
The Australian dollar also benefited from a brighter economic forecast in China, provoked by several monetary stimulus actions by Beijing. Given Australia’s heavy dependence on Chinese export demand, the Australian dollar often mirrors changes in the Chinese yuan, serving as a fluid proxy.
Looking Ahead
Investors continue to monitor upcoming economic reports, particularly the PMI data, to help forecast the Aussie’s movements. The currency’s linkage to China’s economic health remains a key factor in its valuation, influencing investor strategies in the forex market.
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