Global Themes


Aussie creeps higher as market looks to wages, jobs

The AUDUSD climbed to two-week highs on Friday as last week’s lower US inflation reading continued to help the Aussie rebound from its recent losses.

The AUDUSD lifted to its best levels for the month of May as the US dollar eased back further on Friday. The AUDUSD was up 0.2%.

The greenback drifted lower last week after gaining almost 5.0% over the last month.

Draghi drags AUDEUR lower

In other markets, the AUD was mixed.

The AUDEUR fell from near two-month highs as European Central Bank president Mario Draghi presented an upbeat view of the European economy.

The AUCHF fell from three-month highs as the euro’s strength helped the Swiss franc gain.

The Aussie was higher versus the Japanese yen and New Zealand dollar.

Aussie data the driver

The Australian dollar will likely be driven by local data this week with the focus clearly on wages and employment.

The Reserve Bank of Australia minutes will be released on Tuesday, with wage growth numbers on Wednesday and the April jobs report due on Thursday.

From overseas, Chinese production numbers on Tuesday, and European inflation numbers on Wednesday, will be the major releases.

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