Aussie Dollar -1.3% today and -2.5% over 2 days as commodity currencies will remain to be sold in this higher growth environment despite their linkage to growth.
Late yesterday evening (9:30p.m.EDT) the Aussie dollar dropped like a rock on the headlines of disappointing Australia’s unemployment.
The Aussie dollar has climbed to level not seen since July 29 after better than expected Australian Business Confidence report. The Australian Business Confidence report jumped to 6 for the month of August compared to July’s -3 reading.
Uncertainty over the Federal Reserve is providing enough pressure on the U.S. dollar to allow the Aussie dollar to gain its footing.
Despite market participants concerns over Asian emerging market currencies the Aussie dollar continued to trade strong against the U.S. dollar.
This morning I wanted to provide a quick update in the currency markets. As we approach Wednesday’s Fed statement U.S. dollar is remains under pressure against the majors.
The Aussie dollar continues its trek higher against the U.S. dollar this morning even though New Motor Vehicle Sales in Australia dropped a disappointing 3.5% for the month of July compared to the previous month’s 3.6% increase.
During the Asian overnight session the Aussie dollar continue to strengthen against the U.S. dollar. On the U.S. dollar side market participants have been attempting to digest economic data out of the U.S. which have been mixed.
The Aussie dollar continues to mover higher against the U.S. dollar this morning as pressure continues to weigh on the U.S. dollar over uncertainty of the Federal Reserve’s next move and a boost in China’s economic outlook.