Daily nocturnal events intraday analysis AUD / USD
Australia's unemployment rate climbed in March more than the last three years and reaffirming the necessity of further interest rate cuts. The unemployment rate rose from 5.4 percent to 5.6 percent and the number of people employed fell by 36,100, which is almost five times the original estimate.
U.S. President Barack Obama has proposed a new state budget for 3.77 trillion dollars, which is full of new tax laws and significant cuts. New state budget cancels a lot of tax credits and thus negatively affect mainly the higher income groups. Obama also announced 109 billion dollar limit on military spending and domestic programs. At the same time the White House called on Republicans to support this proposal because it is the only way by Democrats to reduce debt.
The European Central Bank will today publish a monthly newsletter, which should answer the question about whether further reductions in interest rates. Today also meet the foreign ministers of the G8 in London to discuss international political risks.
Australian dollar against the U.S. dollar slightly lost after the publication of wrong results from the labor market. However, still holding above support 1.05. The price in the last days began approaching highs around 1.0578, which tends to rotate. We'll see if the market finds the strength to again look to these values. To reach this level still applies bullish trend.
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