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Currency Market Analysis

Dec 09, 2019 | Currency Market Analysis

Global Themes

Aussie lower after monster US jobs; RBA, Fed, ECB due

• US jobs best since February
• Aussie lower
• Massive week with RBA speech, Fed and UK election due

Monster jobs report

The Australian dollar was lower this morning as markets digested the reaction to a monster US jobs report.

The US economy created 266k new jobs in November with the unemployment rate falling to 3.5% from 3.6%.

This was the best jobs report since February.

An improvement in US consumer confidence also helped markets with the US’s Dow Jones index up 1.2%.

Drifting lower

The AUDUSD drifted lower after the US jobs report but managed to end 0.1% higher for the session.

The Aussie was stronger in other markets with the AUDEUR up 0.5% and the AUDGBP up 0.2%.

The AUDJPY fell 0.1%.

Massive week

We have a massive week ahead of us with key statements from the Reserve Bank of Australia, Federal Reserve and European Central Bank.

The RBA governor Philip Lowe speaks at the AusPayNet at 9.05am AEDT tomorrow.

US inflation, due on Wednesday night, and UK election result, due Friday morning, are also likely to drive price action this week.

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