The Australian Dollar is on track to end the week softer against the Pound and the US Dollar as investor attention turns to next week’s US Federal Reserve Policy meeting.
Friday has so far been a day of relatively light trading due to the lack of major economic data releases. Yesterday’s session saw the Australian currency take a bit of a kicking after jobless data disappointed the market. The data showed that the Australian unemployment rate climbed to 5.8% in August, the highest level since August 2009. The data highlighted concerns over the slowdown in the nations mining boom.
Easy Forex currency dealer Tony Darvall said the Australian dollar was holding up well on Friday and could go either way during the rest of the day.
“The market has bounced back and is consolidating at the moment; the jobs data has really changed the view and taken the wind out of the sails. But even though we had a sell-off, because the market has been rallying recently, traders are a little more bullish, so it’s not like we’ve done complete damage to that technical structure. Technically, we’re still on an up-trend. One piece of data can’t change everything, it was a big piece of data and it stopped the uptrend but it hasn’t started the down-trend. It can go either way” Mr Darvall said.
The biggest piece of data due for release on Friday is the latest US retail sales data which is expected to add to signs that the US economy is recovering strongly. A positive outcome will also likely weigh upon the ‘Aussie’ as investors raise their bets that the Federal Reserve will opt to taper its monetary easing programme next week.
Current Exchange Australian Dollar (AUD) Rates
The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9249 –
The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6959 >
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5848 <
The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1355 <
The US Dollar/Australian Dollar Exchange Rate is currently in the region of: 1.0811 –
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4368
The New Zealand Dollar/Australian Dollar Exchange Rate is currently in the region of: 0.8806 >
Correct as of 10:40 am GMT
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