A rather quiet session today in Asia with the big news being Australian employment data coming in stronger than expected, thus pushing the Aussie dollar higher with the Euro and Pound in its wake. Australian employment data showed a surprising gain of 32,200 jobs as opposed to the expected loss of 18,000 jobs and an unemployment rate that stayed steady at 5.8% as opposed to rising to the projected 6.0%. The AUD/USD reacted instantly, blasting from 0.8420 levels to fall just shy of 0.8460, pulling the Euro, and Pound higher with it. The elation was short lived however as a plethora of upcoming data and the possibility of China tightening monetary policy helped push cooler heads to prevail. Many now expect the next move out of the RBA to be a rate hike, as the nation seems to be at the forefront of the global economic turnaround. Later, the AUD/USD pared its gains back near 0.8410, but as the day waned looked to have a little push left in it. On the other side of the employment spectrum was New Zealand, whose unemployment rate jumped to a nine year high of 6.0%, higher than the expected 5.6% as well as last months 5.0%. The NZD/USD shed about 40 pips to dip below 0.6700 on the day. Full text »
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