Strong employment numbers yesterday initially boosted the AUD however the gains were short lived with risk aversion creeping back into markets in the afternoon and through the evening. Putting aside the short lived gains, the data was positive and should be noted as 50K new jobs were created in the month of June – this marked the best month since December of last year when jobs numbers grew by nearly 62K. So while areas like housing and retail continue to battle, jobs growth has been reasonably robust which bodes well for the Aussie economy in the long run.
In other news, commodities moved lower after a good run yesterday while U.K retail sales declined and European and U.S equities finished the overnight session mostly lower. Trump is still front page news everywhere as he continues to rock the modus operandi of the global economy and trade, but like many I’ll be hoping the U.S Democratic party can take a large number of seats in the upcoming mid-term elections in November.
AUD EXCHANGE RATES:
AUD/USD – 0.7337
AUD/GBP – 0.5632
AUD/EUR – 0.6297
AUD/NZD – 1.0884
AUD/JPY – 82.55
USD/BTC – $7,442
OTHER MARKETS:
All Ords (XAO) – 6,355
Gold – A$1,662/oz
Silver – A$20.82/oz
WTI – US$67.51/barrel
DATA RELEASES TODAY:
None
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Patrick Downes
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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