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Currency Market Analysis

Sep 16, 2021 | Currency Market Analysis

Global Themes

Aussie rebounds from lows; jobs due at 11.30am AEST

• AUD rebounds
• US shares boost sentiment
• GDP due at 10.45am

Aussie higher ahead of jobs

The AUDUSD bounced from two-week lows overnight, helped by a rebound in US shares, with the pair higher ahead of today’s key August jobs report.

US shares snapped back after mostly falling over the last week-and-a-half.

US shares climbed after slowdown in import prices provided further evidence of an easing in inflation pressures.

The US’s Dow Jones gained 0.7%.

Aussie mixed

The AUDUSD was up 0.2%.

The AUDEUR gained 0.1%.

The Aussie was mixed in other markets, however, with the AUDGBP flat while the AUDJPY fell 0.1%.

NZ GDP beats

The early focus today is on NZ June-quarter GDP.

The quarterly number was well above forecasts at 2.8% while the annual number came in at an eye-watering 17.4% --- boosted by last year’s Covid collapse in the second quarter of 2020.

The New Zealand dollar gained on the news with the AUDNZD falling to 20-month lows.

Locally, Australian employment is due at 11.30am AEST, with the market waiting to see the impact of extended lockdowns in Sydney and Melbourne.

The consensus forecast is for 90k jobs to be lost with the unemployment rate expected to rise from 4.6% to 4.9%. With the RBA expected to look beyond these figures, the announcement might have only limited impact.

US retail sales are announced at 10.30pm.

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