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AUD/USD – Markets eye employment data, RBA’s Lowe

The Australian dollar has been on a red-hot streak since April, racking up gains of 15.4% in that time. However, the plucky Aussie has taken a pause and is unchanged in the month of August. Is this hiatus a temporary blip, or has the Australian dollar finally run out of steam?

Aussie fundamentals started the week on a sour note, as NAB Business Confidence fell to -14 in July, down from +1 beforehand. The indicator has eked out only one gain since November, as the business sector is clearly pessimistic about economic conditions. On Thursday, we’ll get a look at key employment numbers. The economy is projected to create 30.0 thousand jobs, which would be a huge drop from the previous release of 210.8 thousand. The unemployment rate is expected to increase for a fifth straight time, with a forecast of 7.8%, up from 7.4%. Later on Thursday, RBA Governor Philip Lowe testifies before a parliamentary committee. It has been a relatively quiet week for AUD/USD, but traders should be prepared for stronger movement on Thursday.

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AUD/USD Technical

AUD/USD is trading at 0.7149, up 0.09% on the day. The pair lost ground late in the Asian session but recovered in European trade

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Kenny Fisher

Kenny Fisher [4]

Currency Analyst at Market Pulse [5]
Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years.
Kenny Fisher

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