The Australian dollar endured a choppy session overnight, pushed higher then lower on the back of movements in the US dollar and the crude oil price.
As at 8.30am AEST, the AUD/USD buys .7653, down around 0.3% on Wednesday’s opening level. It briefly rose as high as .7715 on Wednesday following the release of Chinese trade data for March which exceeded market expectations.
According to Elias Haddad, currency strategist at the CBA, the main event for the Aussie on Thursday will be the release of Australia’s March jobs report at 11.30am AEST.
“CBA economists expect Australia to add 30,000 jobs in March following three months of flat employment growth,” says Haddad.
“We think the risks to AUD from the labour force report are asymmetric. A small miss on the upside will push AUD slightly higher. However, a miss on the downside, or a greater lift in the headline unemployment rate, will mean four consecutive weak reports. That may encourage market participants to increase pricing for a near term rate cut by the RBA and weigh more on the AUD.”
Markets expect employment growth of 17,000 for the month with the unemployment rate tipped to increase 0.1% to 5.9% on the back of an increase in labour market participation.
Here’s the current Australian dollar scoreboard.
- AUD/USD 0.7653 , 0.0001 , 0.01%
- AUD/JPY 83.63 , -0.03 , -0.04%
- AUD/CNH 4.9617 , 0.0003 , 0.01%
- AUD/EUR 0.6783 , -0.0003 , -0.04%
- AUD/GBP 0.5386 , -0.0001 , -0.02%
- AUD/NZD 1.1061 , 0.0006 , 0.05%
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