AUD Maintains Strength Ahead of U.S Non Farm Payroll Data
March 5th, 2010 Posted in Aussie - Kiwi, In-Depth Analysis
While staying lower for most of today’s Asian trading as investors awaited key US employment data, the AUD has recovered earlier losses and is currently back to trading above 90 U.S cents. With no other major news most investors remained hesitant in anticipation of US Non Farm Payrolls data due to be released later today at 13:30 GMT.
The US Department of Labor is due to release the non-farm payrolls report for February with economists forecasting the US unemployment rate to have risen to 9.8% from 9.7% and that employers cut a net total of 50,000 jobs.
The AUD has been one of the top performers this year, bolstered by a strengthening local economy, continuous interest rate hikes by the Reserve Bank of Australia as well as growth in commodities’ prices, Australia’s main exports. With interest rate at all time lows in the U.S, Japan and Euro-Zone, Australia’s significantly higher rates help support the currency, especially as it seems unlikely other countries will start raising rates in the short term.
The Aussie climbed to a 3-day high of 80.65 against the Japanese Yen .The Australian Dollar rose to 90.22 U.S cents from 90.03 late New York Thursday.
Start trading with Natalie R. now:
Tags: AUD forcast, AUD forex trading, AUD/USD Forecast, AUD/USD trading, U.S. Non-Farm Employment Change
