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AUD/USD Stays Below 0.5800 Despite Surprise Upbeat Aussie Jobs Report
Thursday, 19 March 2020 08:19 WIB | CURRENCIES |AUD/USD,Dollar Australia,

Despite witnessing better than forecast February month Australian jobs report, AUD/USD remains on the back foot near 0.5770 during Thursday™s Asian session. The reason could be traced from the comparative strength of the US dollar amid the rush to hoard the greenback during the times of major steps to combat the coronavirus (COVID-19).

Australia™s February month seasonally adjusted Employment Change rose beyond 10K forecast and 13.5K prior figures to 26.7K whereas Unemployment Rate also slipped below 5.3% expected and earlier to 5.1%.

Even so, the Aussie pair fails to cheer the data amid the broad US dollar strength backed by the global stimulus measures to ward off the negative impacts of the virus. The recent announcement came from the European Central Bank (ECB) while the heavy measures from the US and Japan are still in the pipeline.

The Pandemic has now infected more than 2,14,000 people across the globe while the latest report suggests a spike in cases from Italy and the UK.

However, the market™s risk-tone currently seems to praise the ECB™s efforts, as well as expectations of Japanese and the US Quantitative Easing (QE). While portraying the same, the US stock futures and Japan™s NIKKEI flash gains by the press time.

Having witnessed the initial market reaction to the Aussie data, traders will now focus on the upcoming RBA where most analysts predict a rate cut and/or Quantitative Easing (QE) to ward off the negative impact of the coronavirus.

It should, however, be noted that the markets now await US stimulus package, which is anticipated to the size of $1.3 trillion, for another push up o the US dollar. Also in the pipeline is the major combat measures from the Japanese side that the press expects somewhere near 30 trillion yen.

Source : FX Street

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