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Australian Employment Data Expecting Decline
The Australian dollar (AUD) was weighed down yesterday, as market reports showed contraction across the boards. Piling atop recent reports on Australia's shrinking housing sector, the publication of Australian retail sales and its national trade balance showed a broadening contraction striking several sectors of Australia's economy. Job advertisements have also slumped heavily this past month. Many are anticipating a bearish figure from today's employment data, which gives more weight to the notion of a bearish AUD towards this week's closing.
Australia's economy has been much worse in its performance than it was expected to be just one month ago. Investors were once piling into the Aussie en masse as its lucrative potential shone through. As housing has slumped, and as monetary adjustments take place in China, Japan and New Zealand, the Australian economy now finds itself bearing the brunt of the blows coming down on the Pacific. Should this bombardment continue, the AUD will likely remain in its current bearish channel.
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