- AUD/USD rebounds after US inflation came in higher than expected, but a soft jobs report slowed the Greenback's advance.
- US jobless claims rose to 258K, while Fed officials suggested more easing, with Atlanta Fed's Bostic open to holding rates steady.
- Australian economic focus shifts to next week's labor market data and a speech by RBA's Sarah Hunter for further policy clues.
The Australian Dollar snaps five straight days of losses and climbs over 0.35% as data showed that inflation in the United States (US) was higher than foreseen, but a soft jobs report tempered the Greenback’s advance. At the time of writing, the AUD/USD trades at 0.6738 and bounced off a daily low of 0.6699.
AUD/USD climbs above 0.6700, snapping a five-day losing streak
Wall Street ended Thursday’s session with losses after the US Bureau of Labor Statistics (BLS) revealed that the Consumer Price Index (CPI) increased by 2.4% YoY, exceeding forecasts of 2.3%, though beneath August’s 2.5%. Core CPI ticked a tenth, up from 3.2% in the previous month, and as expected, it was 3.3% YoY.
Other data showed that Initial Jobless Claims for the week ending October 5 were above the consensus of 230K and rose by 258K, up from 225K the previous week.
Federal Reserve officials seemed unaffected by the data and suggested that additional easing is coming – in the names of New York Fed John Williams, Richmond Fed Thomas Barkin, and Austan Goolsbee from the Chicago Fed. Nevertheless, Atlanta’s Fed President Raphael Bostic said he would be open to holding rates unchanged at one of the last two meetings of the year.
On Australia’s front, the docket featured a speech by Reserve Bank of Australia (RBA) Sarah Hunter, though she failed to comment on monetary policy.
Next week, the Australian economic docket will feature a speech by RBA’s Sarah Hunter on Tuesday, October 15. By Wednesday, Australia’s jobs data is expected to give some clues regarding the status of the labor market.
On the US front, Friday’s schedule will feature further Fed speakers, the Producer Price Index (PPI) release, and the University of Michigan (UoM) Consumer Sentiment.
AUD/USD Price Forecast: Technical outlook
From a technical standpoint, the AUD/USD is consolidated yet tilted to the upside. For buyers to resume the uptrend, they must clear the October 9 high at 0.6761 so they could challenge the weekly peak at 0.6809. Conversely, if sellers move in and drag the exchange rate below the 50-day moving average (DMA) at 00.6733, it could pave the way for a drop toward the 100-DMA at 0.6691.
Australian Dollar PRICE Today
The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.02% | 0.01% | 0.03% | 0.02% | -0.04% | -0.01% | 0.00% | |
| EUR | 0.02% | -0.01% | 0.02% | 0.00% | 0.00% | -0.04% | -0.02% | |
| GBP | -0.01% | 0.01% | 0.02% | 0.00% | 0.00% | -0.03% | 0.00% | |
| JPY | -0.03% | -0.02% | -0.02% | -0.01% | -0.04% | -0.05% | -0.08% | |
| CAD | -0.02% | -0.01% | -0.01% | 0.00% | -0.02% | -0.03% | 0.00% | |
| AUD | 0.04% | 0.00% | 0.00% | 0.04% | 0.02% | -0.04% | -0.02% | |
| NZD | 0.01% | 0.04% | 0.03% | 0.05% | 0.03% | 0.04% | 0.04% | |
| CHF | -0.01% | 0.02% | -0.01% | 0.08% | -0.01% | 0.02% | -0.04% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD rises on mixed US inflation, jobs data ahead of PPI
The Australian Dollar snaps five straight days of losses and climbs over 0.35% as data showed that inflation in the United States was higher than foreseen, but a soft jobs report tempered the Greenback’s advance. The AUD/USD trades around 0.6738 and bounced off a daily low of 0.6699.
USD/JPY holds steady above mid-148.00s amid mixed fundamental cues
USD/JPY trades with a mild positive bias on Friday and for now, seems to have stalled the overnight pullback from its highest level since early August. The BoJ rate hike uncertainty undermines the JPY and acts as a tailwind for the pair ahead of Japan's snap election on October 27.
Gold price recovers further from multi-week low touched on Thursday
Gold price builds on the previous day's goodish bounce from the $2,600 neighborhood, or a three-week low and gains positive traction for the second straight day amid subdued USD demand. A surge in US jobless claims pointed to initial signs of labor market weakness and should allow the Fed to keep cutting rates.
SEC sues Cumberland DRW for acting as an unregistered securities broker, Solana ETFs at risk
The Securities & Exchange Commission filed a lawsuit on Thursday against Chicago-based trading firm Cumberland DRW for operating as an unregistered securities dealer. The regulator mentioned several cryptocurrencies in the suit.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.