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Market Update - 20th October 2017 - Aussie Employment Surprises On The Upside with 20K New Jobs

Posted by Patrick Downes on October 20, 2017 at 8:31 AM

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Aussie employment data released yesterday gave a boost to the local currency with the unemployment rate surprising most with a drop to 5.5% as nearly 20K new jobs were created last month. Job growth has been about the only shining line in the Australian economy with other leading indicators like retail sales and building approvals all stagnating, while house prices around the country have also started to take a dip from record highs. The Aussie dollar remains well entrenched in the 0.78's - but I say that with a degree of a caution as the last time I uttered similar words we quickly left the trading range I had been harping on about. Since July we've traded between 0.7750 and 0.8100 on the top side.

No data is released today or tonight, however another speech from Fed Chair Yellen tomorrow morning our time could provide some impetus for a USD move on Monday morning when markets reopen.

AUD EXCHANGE RATES:

AUD/USD – 0.7878

AUD/GBP – 0.5985

AUD/EUR – 0.6647

AUD/NZD – 1.1197

AUD/JPY – 88.660

COMMODITIES: 

Gold – A$1636/oz

Silver –  A$21.90/oz

WTI – US$51.57/barrel

DATA RELEASES TODAY:

USD - Fed Chair Yellen Speaks at 10.30am tomorrow morning

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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Topics: Market, Report

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