- Written by Will Peters
- Category: Australian Dollar Articles
- Published: 08 March 2013
However, the Australian dollar to US dollar exchange rate is 0.33 pct down on Thursday night's closing level at 1.0234. The US dollar is benefiting from news that the US jobless rate has fallen to 5-Year low - an improving economy is now turning supportive for the USD.
The pound sterling to Australian dollar exchange rate is 0.25 pct lower at 1.4590.
The euro to Australian dollar exchange rate is 0.65 pct down at 1.2684.
Please Note: The above quotes are taken from the wholesale market and your bank will affix their own discretionary spread when passing on their retail rate. However, an independent FX provider will actively seek to undercut your bank's offer, thus delivering you more currency. Please find out more here.
The key driver on currency markets are the US jobless numbers
The US dollar found support after the US Department of Labor Statistics said the economy added 236,000 jobs in February, far more than the expected 160,000 increase, after a 119,000 rise the previous month.
"The report also showed that the U.S. unemployment rate ticked down unexpectedly to 7.7% in February, from 7.9% the previous month. Analysts had expected the unemployment rate to remain unchanged last month," say Investing.com.
The news similarly boosted investor appetite for equities and commodities which in turn improved sentiment towards the Australian currency.
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"The report also showed that the U.S. unemployment rate ticked down unexpectedly to 7.7% in February, from 7.9% the previous month. Analysts had expected the unemployment rate to remain unchanged last month," say UniCredit Bank.
Australian dollar forecast to gain against Swiss Franc
UniCredit Bank have today released their weekly currency forecasts, and one currency that is expected to suffer against AUD is the Swiss Franc:
"We use an error correction framework and find that AUD-CHF has lagged recently; given our view of the "great risk normalization" we believe there is room for the cross to appreciate from current levels," say UniCredit.
A positive Chinese trade surplus was good news for the AUD
Earlier today we saw the Australian dollar boosted on the back of monthly Chinese trade balance figure for February which revealed an unexpected trade surplus last night, which was a relief for currencies like the AUD.
"Sterling is clearly in no fit state to stage a recovery against the high-demand AUD and its tough to see what on the horizon can give this pair a lift in the short-term, other than a major collapse in global market confidence and risk appetite. Even then though, GBP’s safe-haven status has faded in a major way in the past few months," says analyst Richard Driver at Caxton FX, alluding to the weak GBP/USD rate.
Pound continues to suffer vs New Zealand dollar
"The NZD remains highly-influenced by shifts in global sentiment and the all-important monthly US labour market update can have a major impact on market conditions. The truth is we don’t know where the data is going to come in against the expectations but it may have to come in distinctly positive to satisfy the market, as indicators have raised the bar a little this week," says Driver.