The AUD/USD pair wavered on Monday even after the strong Australian jobs numbers that were published on Thursday.
AdvertisementThe Australian Bureau of Statistics published the latest jobs numbers on Thursday last week. The data revealed that the economy created more than 12.9k jobs in January after it added another 64.9k in December. The increase was better than the median estimate of a loss of about 15k jobs.
Further data showed that the unemployment rate remained steady at about 4.2%, which is significantly lower than where it was before the pandemic started. Therefore, analysts expect that the labor market strength will continue, helped by the services sector. The next key catalyst for the AUD/USD pair will be the closely-watched wage price index data. Economists expect the numbers to show that the WPI roe by 2.4% in the fourth-quarter and by 0.7% on a QoQ basis.
Analysts believe that the strength of these numbers will help to determine the next key decisions by the Reserve Bank of. If the numbers are as strong as expected, they will put the pressure on the RBA to start hiking rates as soon as June. In its most recent decision, the RBA ended its asset purchase program and predicted that the WPI rose at an annual rate of 2.25%.
The other key driver for the pair will be the ongoing crisis on Ukraine. If the tensions keep rising, it could be a sign of more risks in the market, which will lead to a higher demand for US dollars.The four-hour chart shows that the AUD/USD pair has declined sharply in the past few days. A closer look shows that the pair formed a significant descending resistance that is shown in blue. It is also slightly below the 25-day moving average while thepattern.
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