The Aussie is coming back to life. Overview for 17.03.2022

AUDUSD continues recovering supported by the statistics.

The Australian Dollar is steadily rising against the USD on Thursday. The current quote for the instrument is 0.7322.

Earlier today, Australia released several reports on its labour market. The data turned out to be quite positive and provided the Aussie with great support. 

The Unemployment Rate in Australia dropped to 4.0% in February after being 4.2% the month before and against the expected reading of 4.1%. The Participation Rate increased from 66.3% to 66.4%. The Employment Change showed 77.4K after being 37K in the previous month. 

The labour market quickly recovered after an Omikron outbreak that occurred in winter. The unemployment rate is now the lowest since 2008. 

The strong labour market data may be another sound reason for the Reserve Bank of Australia to raise its rates. 

The stronger the data, the more support the Aussie gets. 

The national currency can now find additional support in a decrease of the market demand for the “greenback” after the US Fed March meeting.