The Australian dollar is finding buyers as commodity prices surge

Matt Cardy/Getty Images
  • The Australian dollar rallied across the board on Wednesday.
  • Broad gains across commodity markets supported the Aussie’s move.
  • Australia’s March jobs report will be released on Thursday.

The Australian dollar rose across the board on Wednesday, supported by surging commodity prices.

Here’s the scoreboard as at 7am AEST.

AUD/USD 0.7783 , 0.0019 , 0.24%
AUD/JPY 83.45 , 0.38 , 0.46%
AUD/CNH 4.8806 , 0.005 , 0.10%
AUD/EUR 0.6289 , 0.0013 , 0.21%
AUD/GBP 0.5478 , 0.0045 , 0.83%
AUD/NZD 1.0624 , 0.0054 , 0.51%
AUD/CAD 0.9822 , 0.0079 , 0.81%

The Aussie put in particularly strong performance against the Canadian dollar and UK pound, the former falling heavily following the release of the Bank of Canada’s April interest rate decision while the latter was weighed down by a weaker-than-expected inflation report for March.

The AUD/NZD also rallied hard before the release of New Zealand’s Q1 CPI report later in today’s session.

Against the greenback, the Aussie’s gain was more muted, continuing to oscillate in a thin trading range between .7740 and .7810.

AUD/USD Hourly Chart

Looking ahead to Thursday’s trading session, the movements in the Aussie will largely be dictated by the release of Australia’s jobs report for March at 11.30am AEST.

Employment is forecast to lift by 20,000, an outcome that is tipped to see unemployment fall back to 5.5%.

This 10-second guide has more on what to expect.

Before that report arrives, markets will also receive New Zealand’s March quarter inflation report at 8.45am AEST.

A quarterly increase of 0.5% is expected, leaving the change on a year earlier at 1.1%. The RBNZ targets an annual inflation rate between 1 to 3%.

Later in the session, data highlights include UK retail sales, Eurozone current account figures along with jobless claims and Philadelphia Fed manufacturing survey from the United States.

On the monetary policy front, FOMC members Quarles and Brainard are also scheduled to deliver speeches.

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