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Market remains relatively unchanged despite global market sell off

Friday 2nd of December

Australian Dollar:

Figures released by the ABS yesterday showed a slide in Private Capital Expenditure by 4% for the third quarter. Reduced investment in the mining sector had played a part in the decline and sets the tone for a downgrade to the expectations of next week’s third quarter GDP figures due out on Wednesday. The Australian Dollar see-sawed through yesterday’s day of trade between levels of 0.7361 and 0.7420 and opens this morning a shade higher at 0.7418. In other news, U.S unemployment claims rose more than expected however, the numbers were still under 300k for the week which is an indicator of a firming labour market. Australian Retail Sales due out at 11:30 today for the month of October which are expected to rise 0.3% and later on this evening the widely-anticipated Unemployment figures from the US. 

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Today's expected range

0.7320 - 0.7490
0.7040 - 0.7120
1.6900 - 1.7025

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Last Week Market Recap

Monday 28th November 2016

Reversed direction, gaining ground last week as commodity and crude oil prices supported the rate with very little significant economic data out of Australia. The rate began the week making its weekly low of 0.7310 in the absence of any significant economic data from either country. The pair continued higher on Tuesday after comments from RBA Assistant Governor Kent, stating that, “A key reason for the differences across the states over recent years has been the effect of the large declines in mining investment and commodity prices. These have contributed to weaker economic conditions in the mining states and, therefore, weighed on economic conditions nationally. But those forces are waning; indeed, the terms of trade have even risen of late. Hence, there are reasonable prospects for stronger growth of nominal demand in the mining states and, by extension, for the economy overall.” On Wednesday, the pair sold off after Australian Construction Work Done declined -4.9% q/q significantly lower than the -1.5% that was anticipated. Thursday saw the pair resume its rally as the United States observed a bank holiday with no significant data out of Australia. The rate then made its weekly high of 0.7467 on Friday, again, with no significant numbers out of either country. AUD/USD closed at 0.7432, with an overall gain of +1.2% for the week.    

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