AUD Continues to Struggle Against USD

The Canadian dollar was lower Thursday as commodity prices declined and traders looked to important employment data being released Friday.

The loonie was down 0.15 of a cent to 87.65 cents US.

Economists expected Statistics Canada to report a loss of about 8,000 jobs last month following a surge in job creation the previous month when the economy cranked out 74,000 jobs.

In the U.S., the forecast calls for the economy to have created about 228,000 jobs on top of the 248,000 positions from September.

The dollar has had a volatile week, driven down to five-year lows while the greenback appreciated sharply in recent days as the Federal Reserve’s program of quantitative easing came to an end and mid-term U.S. election results showed the Republicans regaining control of Congress for the first time in eight years.

Also, oil prices fell sharply amid a move by Saudi Arabia to cut prices for its American customers in order to compete with a surge in oil production in the United States.

The price cut and a stronger U.S. dollar cut crude prices this week to three-year lows before stabilizing somewhat on Wednesday.

via Vancouver Sun

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza