Daily Currency Update

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AUD slides further against the USD

AUD - Australian Dollar

The AUD continued to trend down during Friday reaching a daily high of 0.7806 before opening at 0.7641 against the USD this morning. Much of the rise was owing to a positive employment report with non-farm payrolls showing that the country added 379,000 new jobs in February almost doubling market expectations of 197,000. Their unemployment rate also dropped to 6.2% from 6.3%.

We can expect to see some major movement on Wednesday morning when RBA Governor Phillip Lowe is expected to deliver a speech titled “The Recovery, Investment and Monetary Policy”. As head of a central bank, his speeches have more influence over the AUD value than any other person.

Key Movers

Canada’s Ivey Purchasing Manager’s Index climbed to a 6 month high as their employment picked up. Figures coming back at 60.0 indicates industry expansion and economic growth which is a positive for the CAD.

In the United Kingdom Bank of England Governor Andrew Bailey is expected to make a speech later tonight about the economic outlook. Traders often scrutinize his public engagements as they are often used to drop clues regarding the countries monetary policy.

Expected Ranges

AUD/CAD: 0.9615 - 0.9790 ▼

AUD/EUR: 0.6380 - 0.6595 ▲

GBP/AUD: 1.7620 - 1.8450 ▲

AUD/NZD: 1.0605 - 1.0830 ▲

AUD/USD: 0.7540 - 0.7755 ▼