The Aussie has now been trading within the high 0.92’s and low 0.93’s against the USD for the past 7 consecutive days, representing a figure that is still close to a 4 month high. A break out of the technical 0.9310 could very well see a second rally for the Aussie, despite Non-Farm Payroll and Unemployment figures for the US being close to the predicted numbers. Positive signs are being shown across the currency board for the Aussie currency, with the AUD trading in the mid 0.67’s against the EUR and up close to the 0.56 mark against the Sterling.
Overnight the Bank of Japan reported on their Monetary Policy and will announce their Trade Balance figures later today. Also released on a global scale today, the Swiss will report on their Unemployment Rate later which expected to fall from 3.5% to 3.3%. There is also some notable Industrial Production and Manufacturing Production data out of the UK.
Business conditions and confidence will be released out of Australia today, but the main focus for the local currency this week will the response to the all important Australian employment numbers that are due to be released on Thursday. It is interesting to note that the domestic economy is only targeting a figure of 5000 new jobs during the month of March, considering the previous month it posted an unexpected strong result of 47,200 new jobs.
A significantly stronger figure than the expectation should see the AUD break out of its recent range and continue its recent rally. A poor result regarding the Employment Figures will likely see a shift in the opposing direction and give a definitive end to the Aussies’ recent rally. The Australian Unemployment Rate is expected to remain at 6.0%. Announcements concerning the Employment Change and Unemployment Rate will be released on Thursday at 11:30am EST.