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Aussie stable in a quiet overnight trade

Friday, Nov 06 2015
This morning, the Reserve Bank of Australia released a statement on monetary policy that highlighted risks as well as noting that the scope for easier policy remained in place. RBA said that the unemployment rate will stay in its recent range between 6 to 6.25 per cent, and then gradually decline. Aussie seems unable to get a leg up with Chinese data remaining weak and the US dollar touching new monthly highs.
 
BK Asset Management director of FX strategy Boris Schlossberg said the more interesting drivers for the currency will be US nonfarm pay rolls due out Friday night, Australian time. "If we get a strong number the market consensus will really shift towards a December rate hike, which will put further pressure on the Aussie," he said. ( reported in Business Spectator )
 
Aussie  is currently being traded around 0.7140 level. Pair is likely to find support around 0.7120 area and resistance above 0.7170 level. Later today, in the US session, NFP figures are scheduled for a release.
Last modified on Friday, 06 November 2015
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