The AUD/USD pair returned to the 0.9000 level today after Australia posted better-than-expected jobs data. The pair spent much of late Tuesday and the rest of Wednesday in the 0.8900 zone due to poor Chinese and Australian data, but has since shot up near the 0.9100 zone at the opening of today’s Asian session. Australia’s unemployment rate came within expectations at 6.0%, but what was surprising was its employment change and its fulltime employment figures. Employment change in February came out at a whopping 47,300 versus the expected 18,000. Fulltime employment during the same month grew by 80,500, while part-time employment fell by 33,200.
The only risks for the pair are the upcoming events in China today (5:30AM GMT), its Industrial Production, Retail Sales, and Urban Investment for January.
The pair is currently trading at 0.9061, with initial resistance seen at 0.9015, followed by 0.9037. Meanwhile, initial support is at 0.8923, followed by 0.8901.
As for the EUR/USD, the pair shot up to the 1.3900 level yesterday, primarily due to the lack of significant events that would affect both currencies. Another probable factor is the circulating rumours that the European Central Bank (ECB) won’t raise its cash rates in April. It remains at 2.5%, although the market expects it to return to 2.75% next month.
The pair was hovering between the 1.3840-1.3890 levels on Tuesday and around the opening of yesterday’s European session. From there, it rose above the 1.3900 area and peaked at 1.3913, and has since traded within the 1.3900-1.3910 areas. It is currently trading at 1.3900, with initial resistance seen at 1.3870, followed by 1.3905. Meanwhile, initial support is at 1.3824, followed by 1.3789.
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