Australian Dollar Rises On Strong Jobs Data
18 August 2016 - 03:12AM
RTTF2
The Australian dollar strengthened against the other major
currencies in the Asian session on Thursday following the release
of a strong domestic jobs report for July.
Data from the Australian Bureau of Statistics showed that the
Australian economy added 26,200 jobs in July to 11,968,600, blowing
past expectations for a gain of 10,000 jobs following the increase
of 7,900 jobs in the previous month.
The unemployment rate in Australia was a seasonally adjusted 5.7
percent in July. That beat forecasts for 5.8 percent, which would
have been unchanged from the June reading.
The participation rate came in at 64.9 percent, unchanged and in
line with expectations.
Meanwhile, Asian stock markets traded higher after the minutes
of the U.S. Federal Reserve's July meeting showed policymakers
remain divided about whether to raise interest rates.
Wednesday, the Australian dollar fell 0.53 percent against the
U.S. dollar, 5.76 percent against the yen, 0.76 percent against the
euro, 0.67 percent against the Canadian dollar and 0.51 percent
against the NZ dollar.
In the Asian trading, the Australian dollar rose to a 2-day high
of 0.7718 against the U.S. dollar, from yesterday's closing value
of 0.7653. The aussie may test resistance near the 0.78 region.
The aussie advanced to 1.4671 against the U.S. dollar and 77.08
against the yen, from yesterday's closing quotes of 1.4734 and
76.72, respectively. If the aussie extends its uptrend, it is
likely to find resistance around 1.44 against the euro and 80.00
against the yen.
Against the New Zealand and the Canadian dollars, the aussie
climbed to 1.0519 and 0.9892 from yesterday's closing quotes of
1.0551 and 0.9829, respectively. On the upside, 1.03 against the
kiwi and 0.96 against the loonie are seen as the next resistance
levels for the aussie.
Looking ahead, U.K. retail sales data for July and Eurozone CPI
data and construction output for June are due to be released later
in the day.
At 7:30 am ET, European Central Bank's monetary policy meeting
accounts are set to be published.
In the New York session, U.S. weekly jobless claims for the week
ended August 13, the Conference Board's U.S. leading indicators
index for July and Federal Reserve Bank of Philadelphia's
manufacturing index for August are slated for release.
At 10:05 am ET, Federal Reserve Bank of New York President
William Dudley is expected to speak about economic conditions at a
Federal Reserve Bank of New York press briefing.
At 4:00 pm ET, Federal Reserve Bank of San Francisco President
John Williams will deliver a speech on the economic outlook at a
luncheon hosted by Anchorage Economic Development Corp in
Anchorage, United States.
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