The Aussie dollar is marginally lower today continuing a trend lower which began on the 1st of March. AUD/USD which had held above 0.7600 on the wholesale market for most of Feb now appears likely to fall below 0.7500 – particularly if U.S employment numbers continue to shoot the lights out tonight. The market is anticipating around 200K new jobs and for the unemployment rate to fall by a further 0.1% to 4.7%.
Commodities markets, a key driver of the Aussie economy have lost a little of their shine over the past few weeks which has made matters worse for the Aussie, whether this trend continues remains to be seen, but with commodities markets in the doldrums over such a long period perhaps this is just a brief pull back after a stellar run in the second half of 2016 and early 2017.
DATA RELEASES TODAY:
GBP – Manufacturing Production at 8.30pm
USD – Non-Farm Employment Change & Unemployment Rate at 12.30am
AUD EXCHANGE RATES:
AUD/USD – 0.7463
AUD/GBP – 0.6131
AUD/EUR – 0.7053
AUD/NZD – 1.0825
AUD/JPY – 85.859
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Phone Patrick – 0431 278 632
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