The Australian Dollar accelerated its rebound from year-to-date lows following stronger-than-expected Australian employment data seen earlier today. The pair, however, has met resistance at 0.6430. which keeps the broader negative trend intact.
Australian employment showed a net increase of 36.6K in November, well above the 25K forecasted by the market and also above the downwardly revised 12.1K in October.
The Unemployment Rate has posted another positive surprise, with a decline to 3.9%, the lowest level since March against market expectations of an increase to 4.2%. The jobless rate had remained steady at 4.1% since last summer. The US Dollar remains firm on positive US dataThese figures have offset the impact of Tuesday’s dovish-tilted RBA monetary policy statement but, so far, are showing insufficient to counter the pair’s bearish trend.
The US Dollar Index, which measures the Greenback against the six most traded currencies, remains steady near two-week highs, supported by higher US yields.
US consumer inflation accelerated in November at its fastest rate in seven months. Later today, US Producer Prices Index and Jobless Claims data are expected to endorse the US exceptionalism rhetoric.More By This Author:XAG/USD Bulls Retain Control Above $32.00, Over One-Month High GBP/USD Rebounds From 1.2750 As US Dollar Declines Due To Rising Odds Of A Fed Rate Cut USD/CHF Eases From 0.8850 Highs Heading On The US Inflation Release
