Compass Global Markets' Blog

Market Update - 7th April 2017 - Aussie Still Under Pressure Ahead of Non-Farms Tonight

Posted by Patrick Downes on April 7, 2017 at 8:32 AM

A busy week of economic data and a week in which we've seen the AUD loses ground across the board culminates in the all important U.S non-farm payrolls figure and unemployment rate later this evening. The market is expecting another bumper number given the strong preliminary jobs numbers we saw Wednesday evening in which estimates were outstripped by about 80K new jobs. Officially the market is tipping 174K new jobs created and for the unemployment rate to remain steady at 10 year lows around 4.7%.

AUD/USD is at greatest risk with further declines expected if a bumper jobs number is delivered this evening. AUD/USD is now over 2 cents lower than where we were only a few weeks ago - having said that 0.7500 has formed some strong support and seemingly a level at which a lot of investors are willing to buy AUD.

DATA RELEASES TODAY:

GBP - Manufacturing Production at 6.30pm

USD - Non-Farm Employment Figures and the Unemployment rate at 10.30pm

AUD EXCHANGE RATES:

AUD/USD – 0.7492

AUD/GBP – 0.5999

AUD/EUR – 0.7036

AUD/NZD – 1.0770

AUD/JPY – 83.311

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

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Patrick Downes

Senior Corporate FX Dealer

Compass Markets

Phone Patrick - 0431 278 632 

  Email Patrick: patrick@compassmarkets.com

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Topics: Market, Report

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