JPY Daily News

Aussie Dollar Moves Towards Parity

The Aussie dollar continues its rapid appreciation and brings the currency closer to parity with the US dollar. In early morning hours, Australia released its Employment Change data that showed the Australian economy added 49.5K new jobs in the month of September.

The rise in employment numbers is the 7th straight gain in Aussie jobs data. The unemployment rate held steady at 5.1%. Much of the job growth has been in the mining industry which conducts a majority of its business with China.

In a surprise move earlier in the week the Australian central bank held rates steady at 4.50%. The market had previously priced in a rise of 0.25%. This may be enough evidence to convince the Australian central bank to continue to raise interest rates next month.

Some of the gains in the Aussie dollar can be attributed to the interest rate differential with the US. The US has interest rates at a low of 0.50% and is rumored to be enacting further loosening of monetary policy.

Traders may want to eye the 1.0000 level as the target for the AUD/USD pair.

Current Time: 05/27 00:15 GMT

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10/07
	06:00	JPY	Leading Indicators		100.0%	*	99.1%
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	00:50	JPY	Monetary Policy Meeting Minutes		*	*	*
	00:50	JPY	Current Account		1.46T	1.09T	1.18T