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Upbeat U.S wage data sends Aussie tumbling into the weekly close

Monday 8th February 2016
The Australian dollar relinquished all of the week’s earlier gains through North American trade on Friday, plunging lower into the weekly close. Having maintained a tight trading range on and around approaches to 0.72 for much of the domestic session the Australian Dollar was heavily sold after US employment data showed average hourly earnings rose in combination with a drop in the overall unemployment rate. The uptick in wage growth helped bolster calls for consumer driven inflation and quashed suggestions the Fed would delay a secondary rate hike through 2016. The AUD plummeted through 0.7150 and 0.71 in the immediate aftermath touching session lows at 0.7051. With little headline data available to govern direction attentions turn to risk trends and commodity prices for bearing through Monday.

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Today's expected range

AUD / USD
0.6980 - 0.7130
NZD / USD
0.6580 - 0.6680
GBP / AUD
2.0250 - 2.0550

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Last Week Market Recap

Monday 1st February 2015

Extended its previous week’s gains last week as Australia reported better than expected economic numbers while the FOMC released a somewhat dovish statement. The week began with the pair declining on Monday after Australian NAB Business Confidence printed at 3 compared to a previous reading of 5. The rate then gained ground on Tuesday after making its weekly low of 0.6917 despite a better than expected U.S. consumer confidence number. The pair continued higher on Wednesday as the FOMC left rates unchanged and after Australian Trimmed Mean CPI increased +0.6% q/q versus +0.5% expected, while CPI increased +0.4%, in line with expectations. Thursday saw the rate extend its rally after Australian Import Prices declined -0.3% q/q compared to an expected decline of -0.8%, while the United States reported lower than expected U.S. Durable Goods Orders data. The pair then made its weekly high of 0.7140 on Friday before consolidating after Australian PPI increased +0.3% q/q versus +0.6% expected. AUD/USD closed at 0.7082, with an overall gain of +1.1% from its previous weekly close.

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