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Forex News: Australian Dollar Advances After Solid Jobs Data

Australian Dollar Advances After Solid Jobs Data

12/18/2019 - 23:28:00 (RTTNews)

(RTTNews) - The Australian dollar strengthened against its major counterparts in the Asian session on Thursday, as strong jobs data reduced the chance of an additional interest rate cut by the Reserve Bank of Australia at its next policy meeting in February.

Data from the Australian Bureau of Statistics showed that Australia jobless rate fell a seasonally adjusted 5.2 percent in November.

That was beneath expectations for 5.3 percent, which would have been unchanged from the October reading.

The Australian economy added 39,900 jobs last month to 12,954,400, blowing away expectations for an increase of 15,000 jobs following the loss of 19,000 jobs a month earlier.

The aussie rose to 2-day highs of 0.6881 against the greenback and 75.40 against the yen, from its early lows of 0.6848 and 75.04, respectively. The aussie is seen finding resistance around 0.70 against the greenback and 78.00 against the yen.

Reversing from its early lows of 1.6231 against the euro and 1.0400 against the kiwi, the aussie climbed to a 3-day high of 1.6149 and a 6-day high of 1.0446, respectively. If the aussie strengthens further, 1.60 and 1.06 are likely seen as its next resistance levels against the euro and the kiwi, respectively.

The aussie climbed to a session's high of 0.9021 against the loonie, off its early near a 2-week low of 0.8981. The aussie is poised to challenge resistance around the 0.92 mark.

Looking ahead, Swiss trade data for November is due out at 2:00 am ET.

U.K. retail sales for November are slated for release in the European session.

At 7:00 am ET, the Bank of England announces its interest rate decision. Economists widely forecast the benchmark to remain at 0.75 percent and asset purchase program at GBP 435 billion.

In the New York session, Canada wholesale sales for October, U.S. weekly jobless claims for the week ended December 14, existing home sales and leading index for November will be featured.

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