After a very terrible fall of seven days, today, AUD/USD inched higher on the graph with a price of more than 0.7000. It might be happening due to the favorable updates of Australia, which was released a few days back.
Given that, in addition to many other factors, the reduced unemployment rate is one of the impacts reflected in the current price.
The body of the Australian Bureau of Statistics shared a large portion of today’s achievement. The unemployment rate took the place of 6.8 percent, which is below the projected 7.1 percent economist figure.
This pace suggests success in the Australian labor market, which has increased by holding the Australian economy.
Second, there is news of retail sales, which is published today with an improved index of 2.5% as compared to the last month.
Retail Sales is a sample of items sold by distributors based on a sampling of various styles and sizes of retail stores and is a measure of the rate of the Australian economy. It illustrates the efficiency of the retail industry over the short and medium-term.
When we consider the number of resistance standing ahead of the pair’s price, the hope of further rise is eliminated, which could stop AUD / USD forward momentum or drive it down to below the given level.
AUDUSD has, without even doubt, the strong ability to deal with market challenges and to be the best source of yield providers.