AUD/USD will Improve its Monthly Opening Range as Jobs in Australia Increases
The currency pair of AUD/USD has downgraded as it failed to trade above 0.7548. The news coming from Australia may control the recent decline in the exchange rate as the job growth is expected to return in October month. AUD/USD currency pair is going down where the price was noted to 0.7192 in October, which is a little low than the previous time. It’s expected that the figures will improve in November month.
As the Australian employment growth rate expanded in October month, a lot of jobs are expected to grow for the unemployed, ensuring them a bright future along with the economic improvement of the nation. This will boost the AUD/USD low rates. The positive development will push the reserve bank of Australia to take a step forward toward growth. This is because the central bank is removing its yield curve control program that was once operational. The central bank is expected to show great enthusiasm in increasing the higher interest rates. This will increase the economy and will hit inflation for the good.
The net long of traders was noted 3.39% that is lower than yesterday’s mark and 12.48% that is higher than the last week. The trader net-short is 1.23% which is noted higher than yesterday, and 15.66% that is lower than the last week. The increase in the net long interest rates has grown the trader’s sentiments to 42.81%. The exchange cost of the currency pair will rise in the coming week of November.
As the job will grow in the market, the Australian government is going to control the drop in AUD/USD that will recover the currency pair downfall. The exchange rate will continue to advance from the low phase, i.e. 0.7192 in November. Let us see what happens in November month and how soon the AUD/USD currency pairs see an improvement.