Saturday, August 8, 2009

Forex Market Daily Commentary


:: Australian Dollar: The Australian Dollar opens slightly lower today at 0.8390 after a fairly subdued session for the greenback ahead of tonight’s key US non-farm payroll data. During the offshore session the unit traded between 0.8375 and 0.8425. The Aussie hit an intraday high on Thursday of 0.8458 hot on the heels of better-than-expected local employment data. The economy added 32,200 positions in July for an unemployment rate of 5.8 per cent, unchanged from the previous month, adding further weight to suggestions the Reserve Bank of Australia (RBA) will need to raise rates sooner rather than later. The Aussie soon fell back down towards US84 cents as the market did not want to get too far ahead of itself in the lead-up to the RBA’s quarterly statement of monetary policy due for release today.

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