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Currency Market Analysis

Jul 03, 2020 | Currency Market Analysis

Global Themes

Aussie helped higher as US jobs jump

• US jobs much stronger
• Shares, Aussie higher
• Local retail sales due

Good job

A much stronger than expected US employment number pushed equity markets higher overnight but some late selling dulled the gains.

The Aussie dollar was also lifted by the better news but eased before the end of the session.

The all-important US non-farm employment report found 4.8m jobs were created in June – well above the 3.0m forecast.

The unemployment rate also fell more than expected, dropping from 13.3% to 11.1%.


The AUDUSD ended 0.1% higher.

The Aussie was stronger in other markets with the AUDEUR up 0.2% as it closed at the best level in three weeks.

The AUDJPY and AUDGBP were also higher.

The AUDNZD fell as it neared three-month lows.

Retail sales

The main release today comes from the local economy with retail sales due at 11.30am AEST.

The market expects a massive 16.3% increase in retail sales in May after a big drop in April.

Later, Chinese services PMI, due at 11.45am, remains key as markets look to track China’s economic recovery.

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