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Aussie Ticks Higher Ahead Of Trade Data, Nonfarm Payrolls Awaited

1/5/2018, 11:07:58 AMTrading Strategies
Aussie Ticks Higher Ahead Of Trade Data, Nonfarm Payrolls Awaited

The Aussie rose slightly in early Asia on Friday ahead of trade figures with the big focus of the day on US nonfarm payrolls with analysts forecasting a gain of 190,000 jobs.

AUD/USD traded up 0.01% to 0.7865, while USD/JPY changed hands at 112.78, up 0.03%.

Australia reports its trade balance for November with an A$550 million surplus seen.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.32% to 91.60.

Overnight, the dollar continued to languish at there-month lows on Thursday as an upbeat labor market report failed spark a rebound in the greenback amid pressure from a rally in the euro to nearly three-year highs.

The dollar gave up most of its gains from Wednesday’s session as the prospect of the Fed adopting a more aggressive path to monetary policy tightening amid upbeat economic data did little to lift sentiment on the greenback.

Private payrolls grew by 250,000 for December, a sharp increase from the 185,000 private jobs created in the previous month, according to a report released Wednesday by ADP and Moody's Analytics. That beat economists’ forecast of 191,000.

The U.S. Department of Labor reported Thursday that initial jobless claims increased 5,000 to a seasonally adjusted 250,000 for the week ended Dec. 30, missing forecasts of a 3,000 increase.