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AUD touches one week highs

AUD - Australian Dollar

The Aussie climbed throughout the week reaching a one week high to erase it’s weekly losses, opening at 0.7676 against the USD this morning.

The reversal was mostly owing to lower than expected employment data in the US with non-farm employment data showing 49,000 new jobs added in January compared to forecasts of 85,000.

It is a quiet week for the AUD ahead with no major macroeconomic news release, however we are likely to see some movement when Federal Reserve Chair Powell is scheduled to speak early Thursday morning.

Key Movers

Employment data released in Canada late Friday night also showed less than expected numbers with the Canadian economy shedding 213,000 jobs in January in midst of lockdowns. The Canadian unemployment rate was also higher than forecasted rates of 8.9%, coming in at 9.4%.

On Thursday, we are expected to see major movements as the Bank of England Governor Bailey and US Federal Reserve Powell are scheduled to speak early morning. As heads of central banks which control short term interest rates, their public engagement are often used to drop subtle clues regarding monetary policy.

Expected Ranges

AUD/CAD: 0.9715 - 0.9890 ▲

AUD/EUR: 0.6310 - 0.6515 ▲

GBP/AUD: 1.7605 - 1.8180 ▲

AUD/NZD: 1.0530 - 1.0725 ▼

AUD/USD: 0.7590 - 0.7785 ▲