«

»

Australian Dollar Rebounds Before U.S. Jobs Data

Australian dollarAfter declining considerably yesterday versus the greenback, the Aussie dollar recovered today and is heading towards another weekly gain versus its U.S. counterpart as a report is likely to post favorable employment figures in the world’s largest energy consumer, raising demand for commodity linked currencies.

The Australian dollar pared some of yesterday losses versus the U.S. currency and is still positive in the weekly comparison versus the greenback as it benefited from a strong pattern of risk appetite in the beginning of the week when concerns regarding the state-owned investment agency Dubai World cooled down, as the U.A.E. central bank affirmed that it will back its debts. A bearish day in commodities markets yesterday influenced negatively the rates for the Aussie dollar, but today, as a U.S. jobs report is likely to indicate an improvement in job conditions as forecasts suggest a job decline at the slowest pace in more than a year, signaling an eventual trend reversal in employment trends that may bring risk appetite higher among traders.

The Australian is still very attractive and today’s employment data in the U.S. will be essential to determine the trends between these two currencies, according to most specialists. Despite the Aussie dollar’s appeal considering its sequential interest rate hikes, its U.S. counterpart may become as well more attractive, ending a long rally for the Aussie versus the greenback.

AUD/USD traded at 0.9249 as of 10:11 GMT from 0.9131 on Monday. AUD/JPY traded at 81.58 from 79.03 in the beginning of the week.

If you want to comment on the Australian dollar’s recent action or have any questions regarding this currency, please, feel free to reply below.

Earlier News About the Australian Dollar:


This entry was posted on Friday, December 4th, 2009 at 12:18 pm and is filed under Australian Dollar. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Australian Dollar Rebounds Before U.S. Jobs Data”

  1. Reader1 Says:
    December 6th, 2009 at 6:35 pm

    Hi,

    I’m not really in forex, but as I need to exchange a significant amount of SGD into AUD by the end of this month, I was wondering when would be a good time to get more AUD out of my SGD. Early december or late december?

    Thanks.

    [Reply]

  2. Andrei Moraru Says:
    December 6th, 2009 at 6:47 pm

    The difference would be minimal but the AUD is rising against the SGD, so it’s better to exchange earlier.

    [Reply]

Leave a Reply

Searching for a proper Forex broker? See the list of recommended Forex brokers. Don't show me this offer ×