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AUD/JPY surges 20+ pips after Australia employment data

  • Buyers concentrated more on the Fulltime Employment increase than a decline in Employment Change figures to propel AUD/JPY.
  • Risk catalysts, like politics/trade, will be in the spotlight for now.

Despite witnessing a drop in seasonally adjusted Employment Change, the AUD/JPY pair takes the bids to 75.64 during early Thursday.

The Australian Bureau of Statistics released June month employment data wherein the Unemployment Rate and Participation Rate remained unchanged at 5.2% and 66% respectively while the Employment Change slipped beneath 10.0K forecast to 0.5K. However, the increase in Fulltime Employment to 21.1K from 2.4K prior gained Aussie bulls’ attention.

Risk-off sentiment remains present in the market off-late amid political news headlines. Among them, the Wall Street Journal news that the US House of Representatives blocked the country’s arms sales to Saudi Arabia and the Reuters’ report revealing Turkey’s resentment due to the US removal from F-35 program grabbed major attention.

Adding to the pessimism was dimming odds for the US-China trade deal. As a result, the key risk barometer, the US 10-year treasury yield carries previous weakness forward with nearly 2 basis points of declines to 2.042% by the press time.

Having witnessed initial reaction to the monthly employment data from Australian, economic calendar remains mostly empty during the Asian session, which in turn highlights the importance of trade/political news for fresh impulse.

Technical Analysis

The pair continues to move between the 21 and 50-day exponential moving averages (EMAs), 75.56 and 75.90 respectively. The current month high around 76.30, followed by 100-day EMA level of 76.80 can limit the pair’s upside break whereas multiple highs during late-June around 74.80 can please sellers past-75.56.

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