The Australian dollar is drifting higher

Cameron Spencer/Getty Images

The Australian dollar drifter higher on Thursday amidst thin, holiday-impacted trade, finding support from ongoing US dollar weakness and another surge in iron ore markets.

Here’s the scoreboard as at 7.35am AEDT.

AUD/USD 0.7625 , 0.0009 , 0.12%
AUD/JPY 84.82 , 0.13 , 0.15%
AUD/CNH 5.0154 , -0.0075 , -0.15%
AUD/EUR 0.6434 , -0.0007 , -0.11%
AUD/GBP 0.5729 , 0.0015 , 0.26%
AUD/NZD 1.1070 , 0.0008 , 0.07%
AUD/CAD 0.9695 , 0.0026 , 0.27%

With US and Japanese markets closed and no major economic data on the docket, it was an understandably quiet session for the Aussie.

It finished higher against all major crosses with the exception of the euro, benefiting from another 4% surge in iron ore markets.

Iron ore is Australia’s largest goods export by dollar value.

Ongoing US dollar weakness — coming as a result of increased uncertainty on the outlook for US interest rates — also helped the Aussie’s cause.

AUD/USD Hourly Chart

The euro was underpinned by the release of strong manufacturing and services PMI data from the Eurozone, Germany and France, helping to bolster confidence that economic conditions are continuing to strengthen.

Turning to the day ahead, it’s likely to be a near-repeat of Thursday: there’s very little on the economic events calendar and US markets are likely to remain quiet as many enjoy a extra long weekend.

In Japan, the latest flash manufacturing PMI report for November will be released. New Zealand will also release trade data for October.

Neither will stir markets.

Elsewhere there’s a smattering of ECB speakers while in the US, flash manufacturing and services PMIs will also be released.

With no major data scheduled, there’s likely to be plenty of focus on Black Friday sales levels compared to those seen in previous years.

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