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Australian dollar continues to climb
Published on 03.03.2016 19:12

The Australian dollar has continued it’s strength today as more disappointing data from the US pushed back expectations of an interest rate hike.

At 5pm (GMT) the Aussie dollar was trading at US73.58cup from US72.94c in yesterday’s trade.

The initial jobs claims figure, which is seen as a barometer before the all-important Nonfarm payrolls release tomorrow, came in at 278.000 against analysts’ expectations for a number of 271,000, disappointing investors who sold of the US dollar.

Market services PMI also fell short of expectations coming in at 49.7 against a consensus of 49.8 and although not far off the mark, was below the all-important 50 figure which separates the market from expansion and contraction.

The next catalyst for the Australian dollar will be early tomorrow with the release of the latest retail sales figure from Australia which will either confirm of cast doubt on the recovery of the Australian economy.

To finish off the day the market will await the unemployment rate from the US which is predicted to come in at 4.9 percent and should also create some volatility in the Aussie dollar. 

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Andrew Masters


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