AUDUSD continued to trade lower currently trading at US$0.7811 cents. The local currency was caught in a downdraft with the prospect of an Australia interest rates falling behind global peers, with the US central bank signaling it sees rates rising for the third time this year. A plunge in the spot Iron Ore prices on Thursday night, and a credit rating cut for China by Standard & Poor’s.
Oil price also tumbled on rising supply within OPEC with the Futures fell as much as 3.1% in New York after OPEC output rose and shale drillers put rigs back to work. Gold prices also continued to trade lower at US$1,270.29 per ounce.
Investors are looking for directions from Cash rate due out in Australia today with market tipping rates to be unchanged while in the global market, Non-Farm payroll figures are due on Friday in the US.
DATA RELEASES THIS WEEK:
USD – ISM Manufacturing PMI
AUD – RBA Rate Statement
GBP – Construction PMI
GBP – Services PMI
USD – ADP Non-Farm Employment Change
USD – ISM Non-Manufacturing PMI, Crude Oil Inventories, Unemployment Claims & Fed Chair Yellen Speaks
EUR – ECB President Draghi Speaks
AUD – Retail Sales & Trade Balance
CAD – Trade Balance
CAD – Employment Change & Unemployment Rate
USD – Average Hourly Earnings, Non-Farm Employment Change & Unemployment Rate
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