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Aussie Quoted Weaker In Asia Ahead Of October Jobs Data

2017-11-16 11:05:38Trading Strategies
Aussie Quoted Weaker In Asia Ahead Of October Jobs Data

The Aussie was quoted weaker in early Asian trade on Thursday ahead of jobs data.

AUD/USD was quoted at 0.7589, while USD/JPY was cited at 112.85 and GBP/USD at 1.3169.

Australia reports employment change data for October with 17,500 jobs seen added for a steady unemployment rate of 5.5% and participation rate of 65.2%.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted up 0.01% to 93.73.

Overnight, the dollar turned positive against a basket of currencies after a duo of reports on inflation and retail sales topped forecasts, reinforcing investor expectations for a December interest rate hike.

The Labor Department said on Wednesday its Consumer Price Index rose 0.1% last month after jumping 0.5% in September.

Retail sales increased 0.2% last month, the Commerce Department said Wednesday, after heavy discounting by automobile manufacturing lifted purchases of motor vehicles in areas affected by the hurricanes.

The duo of reports helped cement investor expectations for a December rate hike, spurring a rebound in the dollar after it slumped to two-week lows in early morning trade.

A December rate hike appeared to fully priced into markets as 100% of traders expected the Federal Reserve to raise rates in December, according to investing.com’s fed rate monitor tool.

The rebound in the dollar weighed on euro as the single struggled to add to Tuesday’s gains which followed a bullish third quarter German GDP Data.

GBP/USD rose as strong UK labor market data helped offset negative sentiment on sterling amid investor uncertainty concerning Brexit and Prime Theresa Minister May’s leadership position.