Last Week Market Recap
Monday 23rd January 2017
Extended its previous week’s gains last week as the United States inaugurated Donald J. Trump as its 45th president and with very little significant economic data out of Australia. The rate began the week trading fractionally lower and making its weekly low of 0.7457 on Monday in the absence of any significant data out of either country. The pair gained sharply on Tuesday as the move in Sterling reflected on the Aussie. On Wednesday, the rate then sold off on Wednesday after U.S. inflation data came in as anticipated. The pair then resumed its rally on Thursday after Australian Employment Change showed an increase of +13.5K versus an expectation of +10.2K. Nevertheless, the Australian Unemployment Rate increased a notch to 5.8% from 5.7%. Friday saw the rate consolidate after making its weekly high of 0.7588 as U.S. President Trump was inaugurated in Washington D.C. AUD/USD went on to close at 0.7554, with an overall gain of +0.7% for the week.