After a period of price volatility against the US dollar, the Australian dollar has increased slightly today. It is the AUD/USD currency pair’s struggling process, as it has been attempting to move above the high run for more than a month but has failed to do so.
When we talk about today’s increase, we know that the good news about consumer confidence played a role.
The Westpac Consumer Confidence Institute measures people’s confidence in economic activity. It asses the family finances over the previous year and the coming year, their expectations for one-year and five-year economic conditions, and their perceptions of current purchasing conditions for major household items. A high number for the AUD is favorable (or bullish), while a low score is negative (or bearish).
The AUD/USD pair is currently at 0.7320. On the downside, the AUD/USD currency pair has limited support levels. The first rapid horizontal support is at 0.7289.
On the other hand, the Australian Bureau of Statistics (ABS) will release the figure of the jobless rate that, according to economists prediction, might register a figure of 4.9% in July compared to the month before data of 4.6%.
By dividing the total civilian labor force into the number of jobless workers is the unemployment rate. If the rates rise, it implies that the Australian labor market is not expanding. As a result, a surge causes the Australian economy to suffer.
Even though the AUD/USD currency pair conditions are getting better, but at this point, it needs powerful assistance to raise its value.