Compass Global Markets' Blog

Market Update - 8th August 2016 - Strong U.S Jobs Report Barely Moves AUD/USD

Posted by Patrick Downes on August 8, 2016 at 9:13 AM

The U.S economy added 255K new jobs in July which well and truly beat estimates and marked the third best reading we've seen out of the U.S this year. Important to add, last month's figure was also revised higher to 292K new jobs, equalling the best reading in the past two years. However, the unemployment rate remained stubbornly at 4.9% due to more people joining the search for work, certainly a good problem to have and still very positive for the U.S economy.

Despite the really strong U.S jobs numbers and therefore renewed expectations that the U.S Fed will need to start raising rates to contain inflation, AUD/USD remains above 0.7600 with the currency pair hardly moving following the jobs data.

After a busy week of economic news and data it's quiet this week and today, with only Chinese trade balance figures due. U.S retail sales are due out Friday night.

DATA RELEASES TODAY:

CNY - Trade Balance

AUD EXCHANGE RATES:

AUD/USD – 0.7604

AUD/GBP – 0.5816

AUD/EUR – 0.6856

AUD/NZD – 1.0683

AUD/JPY – 77.739

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

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Patrick Downes

Senior Corporate FX Dealer

 Compass Markets

Contact Patrick for a quote on 0431 278 632

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