The U.S economy added 255K new jobs in July which well and truly beat estimates and marked the third best reading we’ve seen out of the U.S this year. Important to add, last month’s figure was also revised higher to 292K new jobs, equalling the best reading in the past two years. However, the unemployment rate remained stubbornly at 4.9% due to more people joining the search for work, certainly a good problem to have and still very positive for the U.S economy.
Despite the really strong U.S jobs numbers and therefore renewed expectations that the U.S Fed will need to start raising rates to contain inflation, AUD/USD remains above 0.7600 with the currency pair hardly moving following the jobs data.
After a busy week of economic news and data it’s quiet this week and today, with only Chinese trade balance figures due. U.S retail sales are due out Friday night.
DATA RELEASES TODAY:
CNY – Trade Balance
AUD EXCHANGE RATES:
AUD/USD – 0.7604
AUD/GBP – 0.5816
AUD/EUR – 0.6856
AUD/NZD – 1.0683
AUD/JPY – 77.739
***Above rates are indiciative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Compass Markets
Contact Patrick for a quote on 0431 278 632
