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Market News AUD/USD Remains Above 0.6500 Prior To The Release Of Employment Data In Australia

AUD/USD Remains Above 0.6500 Prior To The Release Of Employment Data In Australia

The AUD/USD pair oscillates around 0.6509 due to conflicting US data. In October, US Retail Sales decreased 0.1% MoM, compared to a 0.9% increase the previous month; the PPI fell 0.5% MoM, compared to a 0.4% increase the month prior. While meeting with US President Joe Biden, Chinese President Xi Jinping maintains the focus on geopolitical risks. The Australian employment data and the US initial jobless claims will be monitored by investors.

TOP1 Markets Analyst
2023-11-16
7608

 AUD:USD 2.png

 

AUD/USD fluctuates in a sideways fashion throughout Thursday's early Asian session. For additional impetus, market participants await the Australian employment data for October, which is anticipated to add 20,000 jobs. The pair peaked at 0.6542 before retreating to 0.6509, a daily gain of 0.04%.

 

The US Retail Sales for October decreased by 0.1% MoM, compared to a 0.9% increase in the previous reading, which was better than the 0.3% decline that was anticipated by the market. The Retail Sales Control Group increased by 0.2% month-over-month, compared to 0.7% previously. In addition, the US Producer Price Index (PPI) decreased 0.5% month-over-month following a 0.4% increase in the previous month, which was a deterioration of 0.1%. The PPI figure experienced a decline from 2.2% to 1.3% on an annual basis in October.

 

The economic data provides support for the assertion that the Federal Reserve (Fed) has concluded its tightening cycle, as the rate reduction in the second quarter (Q2) of 2024 has been factored into federal funds rates.

 

The Australian headline Wage Price Index for the third quarter (Q3) increased by 1.3% QoQ, the Australian Bureau of Statistics (ABS) reported on Wednesday. This is in contrast to the 1.3% QoQ projected and 0.8% prior. The Australian Wage Price Index (AWPI) recorded an annual value of 4.0%, which deviated from the market's forecast of 3.9% for the corresponding period and the previous reading of 3.6%.

 

In addition, during his meeting with US President Joe Biden, Chinese President Xi Jinping will address geopolitical risks. The rekindled hostility between the two largest economies globally could potentially cause the China-proxy currency Australian Dollar (AUD) to experience some selling pressure, thereby increasing the demand for the safe-haven US Dollar (USD).

 

Anticipated are the publication of Australian employment data for October, which will comprise the Unemployment Rate and Employment Change, later on Thursday. The US Initial Jobless Claims for the week ending November 10 will be due on the US docket. These figures may provide the AUD/USD pair with a distinct direction.

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