There's just no stopping the Australian dollar right now

Photo: Oleg Nikishin/Getty Images

The Australian dollar closed above the 77 cent level for the first time in four months overnight, continuing the relentless move higher seen since mid-July.

The AUD/USD eventually closed the session buying .7702, having traded above .7750 in the early parts of the US session.

The pullback over the US session coincided with a strong US JOLTS job report for June along with another slump in crude oil prices. Iron ore prices were also weaker.

As at 8.20am AEST, it currently buys .7716, continuing to attract buyers following a strong move higher in the New Zealand dollar this morning following the Reserve Bank of New Zealand’s decision to cut interest rates to a record-low level of 2%.

Looking ahead to Thursday trade in Asia, there is little on the economic docket that looks set to sway the Aussie one way or another.

“With the RBNZ now come and gone there isn’t much to look forward to today, in front of tomorrow’s slug of China activity data for July and then some pretty important US numbers tomorrow night covering retail sales and consumer confidence,” said Ray Attrill, global co-head of FX strategy at the National Australia Bank.

“We’ll get the Melbourne Institute’s August consumer inflation expectations data in Australia, but this wouldn’t normally rate a mention for markets.”

With the economic data calendar devoid of market moving events — both here and abroad — movements in the USD/JPY, influential on the US dollar index during Wednesday trade in Asia, along with those in crude oil futures, will likely be influential on the Aussie.

Here’s the current Australian dollar scoreboard, as at 8.20am AEST.

  • AUD/USD 0.7716 , 0.0014 , 0.18%
  • AUD/JPY 78.08 , 0.08 , 0.10%
  • AUD/CNH 5.1225 , 0.0064 , 0.13%
  • AUD/EUR 0.6895 , 0.0005 , 0.07%
  • AUD/GBP 0.5926 , 0.0007 , 0.12%
  • AUD/NZD 1.0586 , -0.008 , -0.75%

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