Aussie traded in a tighter range in a quiet overnight trade

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Friday, Nov 13 2015

There were no major data releases from Australia this morning. Despite weakness across the commodities complex, especially in crude and iron ore, the Australian dollar managed to cling onto most of its post jobs gains overnight, trading in a relatively large range between .7083 to .7151. The resilience in AUD reflects yesterday’s strong Australian October employment report, and subsequent adjustment in RBA interest rate expectations. Overall, the labour market developments are consistent with the RBA’s view that Australia’s unemployment rate may have peaked and further reduces the risk of more RBA rate cuts.

Oil prices sank overnight after the US government reported a big jump in US crude-oil inventories, reinforcing worries about the long-running global oversupply. Broad declines in commodity markets weighed on global risk sentiment, driving the Aussie slightly lower, ANZ economists said. The Australian dollar was on track on Friday to post a 1 per cent weekly gain, displaying remarkable resilience amid a commodity tumble and growing speculation of a Federal Reserve interest rate hike next month.

Aussie is currently being traded around 0.7120 area. Pair is likely to find support around 0.7080 handle and resistance above 0.7170 level. Later today, in the US session, Retail Sales, PPI and Consumer Sentiment figures are scheduled for a release.

More in this category: « Unemployment Claims unchanged last week French and German GDP rose by 0.3% »

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