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May 17, 2023AUD/USD weakened earlier in the day, before moving away from its 0.663 low and recovering back to 0.6658.
Employment Change data from Australia will be released tomorrow at 01:30 UTC with analysts expecting a decline to 25,000. Potentially significant price fluctuations in Aussie-Dollar are expected to follow.
United States Crude Oil Inventories beat analyst expectations of -920,000 and the previous reading of 2.95 million with new data of 5 million.
While price action maintains a negative bias, United States Building Permits (Apr) released today at 12:30 UTC with a figure of 1.42 million, while the previous figure was 1.44 million. Australia Wage Price Index (QoQ) (Q1) came out at 0.8, while a consensus of analysts was expecting 0.9.
In the meantime, USD/JPY moves 0.06% to trade around 137.62. USD/CAD trades with no major change, around 1.3465. EUR/USD moves 0.07% to trade around 1.0838.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as tomorrow at 01:30 UTC data for Australia Employment Change will be released, with an expected decline to 25,000 from the preceding figure of 53,000.
Furthermore, Australia Unemployment Rate figure is projected at 3.5. It previously stood at 3.5; data will be released tomorrow at 01:30 UTC. Australia Full Time Employment is expected tomorrow at 01:30 UTC.
As things stand, Aussie-Dollar is 9.4% away from a significant high of 0.7356, first set 7 months ago.
