The AUD/USD exchange rate has remained stable lately, as traders reacted to the Australian employment data published last Thursday and are looking forward to the upcoming RBA minutes. The asset was positioned at 0.6535, a level it has reliably held over the past few days. The AUD/USD exchange rate showed little change after the latest Australian employment figures were released. A report indicated that the participation rate remained unchanged at 67% last month. The economy saw a rise of 42.2k in October, greatly exceeding the median estimate of 20k. The figure was notably higher than the previous month’s rise of 12.7k. The unemployment rate has improved, dropping to 4.3% from the previous 4.5%. The data shows that the country’s labor market is exceeding expectations.
The report noted a notable rise in full-time employment, increasing by 55k in October, while part-time employment experienced a decrease of 13.1k. The figures were shared ahead of the upcoming release of the RBA minutes from the last meeting. The minutes will provide further details on the committee’s discussions during a meeting where it decided to keep interest rates unchanged. Today, another significant development regarding AUD/USD will be the remarks from various Federal Reserve officials, particularly Neel Kashkari and Christopher Waller. These statements come as Federal Reserve officials consider their next steps in the forthcoming meetings. Some assertive perspectives have warned that further cuts to interest rates could lead to higher inflation rates in the country. The probability of interest rate cuts has significantly diminished in recent days, dropping from nearly 92% at the start of the month to 50% as of today.
The AUD/USD exchange rate is anticipated to react to the upcoming Federal Reserve minutes set to be released on Wednesday. The upcoming minutes will provide further details regarding the conversations that took place among officials in the last meeting. The AUD/USD exchange rate has shown consistent performance in recent weeks. The asset has consistently remained above the upward trendline connecting the lowest points since April 22nd of this year. The pair is presently finding stability near the 50-day Exponential Moving Average.
The Relative Strength Index is currently at a neutral level, while the Average Directional Index has shown a decrease, suggesting a reduction in momentum. As a result, the pair is likely to remain in this range today while market participants await the upcoming RBA minutes. Key levels to watch are 0.6400 and 0.6650.