Australian Dollar Higher After Strong Jobs Data
November 14 2018 - 9:08PM
RTTF2
The Australian dollar spiked up against its major counterparts
in the Asian session on Thursday, after a data showed that nation's
jobless rate dropped more than forecast in October, while
employment surged.
Data from the Australian Bureau of Statistics showed that
Australia's unemployment rate came in at a seasonally adjusted 5.0
percent in October.
That was unchanged from the September reading, although it was
beneath expectations for 5.1 percent.
The Australian economy added 32,800 jobs last month - beating
forecasts for 20,000 following the addition of 7,800 jobs in the
previous month.
Further underpinning the currency was rising risk appetite as
British Prime Minister Theresa May said she has obtained cabinet
support for her proposed Brexit deal to move forward.
The aussie climbed to a 6-day high of 82.74 against the yen and
a weekly high of 0.7282 against the greenback, from its early lows
of 82.09 and 0.7229, respectively. The next possible resistance for
the aussie is seen around 84.00 against the yen and 0.75 against
the greenback.
Reversing from its previous lows of 1.5650 against the euro and
0.9572 against the loonie, the aussie advanced to a 5-month high of
1.5546 and more than a 3-month high of 0.9641, respectively. If the
aussie rises further, 1.54 and 0.98 are possibly seen as its next
resistance levels against the euro and the loonie.
The aussie strengthened to a 3-day high of 1.0713 against the
kiwi and held steady thereafter. The aussie is seen finding
resistance around the 1.09 region.
Looking ahead, U.K. retail sales for October and Eurozone trade
data for September are due in the European session.
In the New York session, U.S. weekly jobless claims for the week
ended November 10, business inventories for September, retail sales
and import and export prices for October as well as Canada existing
home sales for October are set for release.
Federal Reserve Governor Randal Quarles will testify on banking
supervision and regulation before the Senate Banking Committee in
Washington DC at 10:00 am ET.
At 11:30 am ET, Federal Reserve Chair Jerome Powell will speak
about Hurricane Harvey recovery efforts at an event hosted by the
Federal Reserve Bank of Dallas in Houston.
Atlanta Fed President Raphael Bostic is scheduled to speak about
monetary policy at the Global Interdependence Center in Madrid at
1:00 pm ET.
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