Australian Dollar Maintains Positive Trends after Promising Employment Data

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Australian Dollar Maintains Positive Trends after Promising Employment Data
Australian Dollar Maintains Positive Trends after Promising Employment Data

With financial markets appreciating the positive employment data of Australia, which was better than anticipated, the Australian dollar also responded by maintaining its trends in the positive region. The Australian Bureau of Statistics announced the readings the preceding day that the total employment had increased by 71.5k in the month of February, indicating excellent growth in jobs observed since July 2000. Following this news, the Australian dollar moved ahead to its highest position since February 6 prior to retracing a few of these highs this morning.

There was also a rush in importer action during the previous day, especially purchasing of crosses including euro and GDP and follow up in purchasing is to be expected today. In the Asian markets today, considering a clear slate denotes that the market may probably strengthen recent moves. In related news, compared to all the G10 currencies, the GBP earned the spot for best performance, while the U.S. dollar went lower against its counterparts. The GBP was also observed to have gained 0.9% against the dollar, clearly reversing the recent weak trends.

Movements related to sterling were motivated by general expectations that Qatar is looking to invest significantly in the UK infrastructure. With news that Norway’s central bank may postpone a likely tightening in monetary aspects, the Krone’s performance was also marked low.

Compared to the U.S dollar, the Japanese yen indicated slightly improved trading during the Asian session on Friday, following the approval from the lower house of Parliament in Japan regarding Haruhiko Kuroda’s nomination as the next Governor of the BOJ. Deeper look at Friday’s Asian session revealed that the USD/JPY dropped 0.07% to 96.05. The pair was expected to discover resistance at a value of 96.72, which was Monday’s high, and support level at 95.45, that was Wednesday’s low. The EUR/JPY increased 0.01% to 125.01 whereas the AUD/JPY slid 0.23% to a position of 99.59. NZD/JPY also fell 0.27% to 78.84.

Following a succession of intra-day areas related to supply through 1.2950, pursued by 1.2980 and 1.3010/15, the EUR/USD has coped to alleviate some level of bearish pressure. The pair recorded a fresh year low at a position of 1.2910 initially Thursday, ahead of the upside revival.