The Australian dollar is treading water ahead of tomorrow's jobs report

Photo by Agency-Animal-Picture/Getty Images

The Australian dollar had a quiet session on Tuesday, trading in a thin 50 pip range against the greenback.

However, there was a bit more action against the crosses with the Aussie rallying against the Japanese yen and Canadian dollar but falling heavily against the UK pound and Kiwi.

Here’s the scoreboard as at 7am AEST.

AUD/USD 0.8020 , -0.0008 , -0.10%
AUD/JPY 88.35 , 0.53 , 0.60%
AUD/CNH 5.2417 , -0.0073 , -0.14%
AUD/EUR 0.6701 , -0.0014 , -0.21%
AUD/GBP 0.6038 , -0.006 , -0.98%
AUD/NZD 1.1000 , -0.0062 , -0.56%
AUD/CAD 0.977 , 0.0054 , 0.56%

Reflecting improved investor sentiment, the Aussie continued to push higher against the Japanese yen. It also gained strongly against the Canadian dollar, a move that looked to be driven by market positioning rather than any fundamental factor.

However, while the Aussie rallied against the yen and CAD, it lost ground against the New Zealand dollar following the release of an opinion poll showing New Zealand’s ruling National Party was likely to retain power when the electorate goes to the polls in 10 days time.

It also slumped against the UK pound following the release of inflation data that revealed core prices grew at the fastest annual pace in six years during August.

After being dominated by movements in the Chinese yuan during Asian trade on Tuesday, the Aussie dollar did next to nothing against the US dollar in the second half of the session with reasonable US economic data offset by firmer iron ore prices.

In the end, the AUD/USD closed largely unchanged for the session.

AUD/USD Hourly Chart

Continuing the pattern seen earlier this week, there’s very little on the economic calendar in Asia that appears likely to move the Aussie one way or another today.

The latest Westpac-MI consumer sentiment report for September will be released at 10.30am AEST although it’s unlikely to interest traders.

There are also no major data releases scheduled in Asia, likely ensuring that the gyrations in the Chinese yuan will prove influential on the Aussie dollar yet again today.

Later in the session, data highlights include CPI data from Germany and Spain, UK unemployment, including average weekly earnings, along with employment and industrial production figures from the Eurozone.

In the US, markets will also receive PPI data, a federal budget update along with weekly crude oil inventory data from the EIA.

The IEA will also release its latest monthly oil market report.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.