Market Update – 2nd September 2016 – AUD/USD Finds Support Again At 0.7500 Ahead Of U.S Jobs Numbers

AUD/USD appears to have found support at 0.7500, with the currency pair failing to break below this level over the past three session. However with U.S non-farm employment figures released later this evening it certainly provides a catalyst for a break below 0.7500. U.S non-farm employment figures are tipped to come in at 180,000 along with another drop in the unemployment rate, this time to 4.8% which would be just about the best reading in nearly 10 years. The Aussie dollar has been extremely resilient of late so it’ll certainly be interesting to see how traders react if its another bumper number out of the U.S; additionally what will a bumper number mean for U.S interest rate expectations. Have a great weekend!

DATA RELEASES TODAY:

GBP – Construction PMI at 6.30pm

USD – Non-Farm Employment Numbers at 10.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7544

AUD/GBP – 0.5684

AUD/EUR – 0.6739

AUD/NZD – 1.0358

AUD/JPY – 77.915

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

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