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7 Feb 2013
Forex: AUD/USD bounces off lows, around 1.0335/40
The Aussie dollar has recovered from session lows after better-than-expected figures out of the labour market, as the jobless rate remained at 5.4% and the Employment Change added 5.4K jobs during January.
“Employment trends will be the main ‘hard data’ driver of the RBA this year and, I think, the AU$ will be another important element on their radar as a weaker currency would help stimulate some trade-exposed sectors of the economy, such as tourism, education and manufacturing”, assessed Adrian Foster, analyst at Rabobank.
At the moment, AUD/USD is up 0.13% at 1.0333 with the next resistance at 1.0345 (low December) ahead of 1.0475 (high Jan.30) and then 1.0486 (low Jan.18).
On the downside, a dip below 1.0311 (MA200d) would open the door to 1.0288 (low November) and finally 1.0237 (low Oct.23).
“Employment trends will be the main ‘hard data’ driver of the RBA this year and, I think, the AU$ will be another important element on their radar as a weaker currency would help stimulate some trade-exposed sectors of the economy, such as tourism, education and manufacturing”, assessed Adrian Foster, analyst at Rabobank.
At the moment, AUD/USD is up 0.13% at 1.0333 with the next resistance at 1.0345 (low December) ahead of 1.0475 (high Jan.30) and then 1.0486 (low Jan.18).
On the downside, a dip below 1.0311 (MA200d) would open the door to 1.0288 (low November) and finally 1.0237 (low Oct.23).