AUD breaks 69 US cents
|AUD - Australian Dollar
The Aussie dollar rose steadily throughout Friday’s trading session to open at 0.6895 this morning, just coming down from breaking through the 0.6900 barrier. The initial momentum started as Retail Sales data in November showed an increase to 0.9%, beating out expectations of 0.4%.
This was propelled further owing to the weaker US dollar, after less than expected employment data, showing a change of only 145k employed people in the US last month, opposed to it’s forecast of 162k.
We continue to expect support to hold on moves approaching 0.6870 while any upward push will likely meet resistance around 0.6930.
Key Movers
As above, US Non-Farm employment data did not meet expectations, falling short of it’s forecast of 162k, with only 145k jobs created. Job creation is an important indicator of consumer spending, as it accounts for a majority of overall economic activity. The US unemployment rate held steady at 3.5%.
Over in Canada, the roles were reversed as employment change came back better than expected at 35.2k opposed to 24.9k, and their unemployment rate dropped from 5.6% from 5.9% last month.
In the future, we can expect to see some movement in these currency pairs with the release of the US CPI data just after midnight on Tuesday. Showing the change in the price of goods and services purchased by consumers, consumer prices account for a majority of overall inflation
Expected Ranges
AUD/CAD: 0.8920 - 0.9095 ▼
AUD/EUR: 0.6130 - 0.6290 ▼
GBP/AUD: 1.8690 - 1.8940 ▲
AUD/NZD: 1.0315 - 1.0460 ▼
AUD/USD: 0.6820 - 0.6975 ▲
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.