Australia's employment data fell by -29.5k compared to the previous month's release. However, on the other hand, the unemployment rate experienced a slight increase from the previous month and was below economists' predictions. In further detail, the most significant decline in employment occurred in the part-time employment category.

Part-time employment in Australia was recorded to have fallen from 74.8k to 9.4k in September. Meanwhile, full-time employment also fell from 36.2k to 20.1k. In a separate release, the unemployment rate data was reported to have risen from 6.8 per cent to 6.9 per cent in September.

This figure is still better than economists' expectations which predicted the unemployment rate to grow to 7.1 per cent. Overall, the release of Australian labor data this morning tended to be poor, indicating that the economic recovery began to falter at the end of the third quarter.

Economic data to be released on Thursday, October 15, 2020:

  1. Today at 07:30 WIB the Australian Bureau of National Statistics will release important data from the Australian labor sector for September, the decline in the number of workers in Australia and the increase in unemployment rates have the potential to put pressure on AUDUSD. (The data released was better than expected).
  2. AUDUSD has the potential to continue to decline if consumer and producer price index data in China is reported lower than expected, which means there is a decline in economic activity in China, Australia's largest trading partner.
  3. At 15:30 WIB, the BOE will provide an overview of the lending conditions for the household, small business and non-financial companies sectors. If the BOE reports a decline in lending, this means that the level of confidence in the economy has decreased so that GBPUSD has the potential to weaken.
  4. At 19:30 WIB tonight, Automatic Data Processing (ADP) will release data on changes in the number of workers outside the agricultural sector in Canada. If this data is released lower than expected, USDCAD has the potential to rise, due to the weakening Canadian dollar.
  5. At the same time, gold prices will be influenced by important US data such as manufacturing activity data from the Philadelphia region for October and weekly US unemployment claims data. If both data releases are not favorable, gold prices have the potential to rise due to a weakening US dollar. Conversely, if the data is positive for the US dollar, gold prices will continue their decline.
  6. Next at 22:00 WIB, the US Energy Information Administration (EIA) will report its weekly oil reserves. If this data shows an increase in US oil reserves, then oil prices have the potential to weaken, and vice versa.

Daily Pick

Today's prediction is on the AU pair (AUDUSD) is expected to continue its decline, and the recommended OP is SELL at level 0.71200. With a profit target of 10 - 20 points and a stop loss of 5-10 points.

  • SELL at level 0,71200
  • TP 1 = 0,71100 (10 Point)
  • TP 2 = 0,71000 (20 Point)
  • SL 1 = 0,71250 (5 point)
  • SL 2 = 0,71300 (10 Point)

Always prioritize Money Management and Risk Management.

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