Author: Dennis Li
Over the weekend, we saw the AUD fighting to hold above its key psychological 0.7000 level against the USD, made easier after a sharply lower-than-expected figure of 20,000 non-farms payrolls job from the US in February, its lowest level since September 2017 while the unemployment rate fell back to below 4%. The mixed report was another indication the US economy is slowing while Fed’s Powell made no mention of the latest numbers, noting simply that most measures of the labor market ‘looks as favourable as they have in many decades’ and ‘nothing in the outlook demanding an immediate policy response’.
The AUDGBP edged up with Brexit news weighing on the pound and another Parliamentary vote is coming on Tuesday. According to a senior Chinese official on Saturday, China and the US are still working day and night to achieve a trade deal that can eliminate the tit-for-tat tariffs as Chinese trade data released on Friday added to signs that the economic activities are slowing further in the first quarter.
© Copyright - EncoreFX, 2018.EncoreFX (Australia) Pty Ltd ABN 42 607 244 879 AFSL 479 870 is the issuer of the financial products in Australia. The information on this website has been prepared without taking into account your objectives, financial situation or needs and so before acquiring any financial services or products from EncoreFX, you should consider the appropriateness of the information having regard to your own objectives, financial situation or needs. You should obtain the product disclosure statement (PDS) for the relevant product and consider the PDS before making any decision to acquire the product. The information on this website is not directed at residents of any country other than Australia and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. It is the responsibility of visitors to this website to ascertain the terms of, and comply with, any local law or regulation to which they are subject.