The quotes of the Australian dollar surged today on the back of positive statistics on the labor market in Australia and strong data on China's trade surplus. Thus, the number of employed people rose in April by 14.2 million versus analysts' forecast of 7.5 thousand. At the same time, the unemployment rate remained at 5.8%, although was expected the growth of rate by 0.1% to 5.9 %.
China's trade surplus in April showed an increase to 18.5 billion against the previous figure of 7.7 billion and the growth forecast to 15.2 billion. Let us recall that China is a major trading partner of Australia.
Despite the growth of quotations of the Australian dollar, some traders expect a decline of pair due to the expectation of monetary policy easing of the Reserve Bank of Australia, and the fall of iron ore prices in summer.
Wish you the profits!
FXFINPRO Capital Analytical department.