Australian Dollar Shines After Strong Jobs Data, Eurozone Rate Cut Expected

By Tomasz Wisniewski|

Published: October 17 2024, 06:51 GMT+0

Australian Dollar Shines After Strong Jobs Data, Eurozone Rate Cut Expected

Hello traders, welcome to Thursday! Today, the calendar is finally active, offering a stark contrast to the relatively quiet day we had yesterday. On Wednesday, we only had inflation data from the UK, which came in at a disappointing 1.7%, leading to a notable drop in the British Pound. Today, however, we’ve already seen job data from Australia, which was much better than expected, boosting the Australian Dollar.

Still to come, we have the interest rate decision from the Eurozone, where a 25 basis point rate cut is anticipated, followed by retail sales from the US. So, it’s shaping up to be a busy day, with plenty of action expected on the charts.

Now, focusing on currencies, the Australian Dollar is leading the pack, bolstered by the strong job data. The New Zealand Dollar and American Dollar are also gaining traction, while the Swiss Franc is by far the weakest currency today.

Looking at futures, yesterday was highly positive for indices. We saw V-shaped reversals on several major indices, while others experienced straight bullish movements. This suggests that the second half of the week could bring more bullish momentum for indices.

On the commodity front, gold is maintaining its upward trajectory, staying close to all-time highs, while the mood remains positive for the precious metal. Oil, however, is struggling. After a significant drop, it’s currently moving sideways, with mid-term sentiment on oil remaining negative.

Source: https://www.axiory.com/analytics/market-news/australian-dollar-shines-after-strong-jobs-data-eu

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